Three-month base metals prices on the London Metal Exchange were collectively higher at the close of trading on Wednesday November 4, with upward price movements largely supported by a steady decline in the US dollar index, while broad uncertainty over the US presidential election did little to trim standout volumes over the day.
Topping complex gains over the afternoon, LME zinc's outright price closed at $2,593.50 per tonne on Wednesday, its highest close since May 2019. Turnover was strong for the galvanizing metal, with more than 8,500 lots exchanged by the close.Steady buying in LME zinc was supported by wide forward spreads, with the metal's cash/three-month spread recently trading in a $10.50 per tonne contango.Meanwhile, LME data continued to show dominant holders across LME zinc's warrant holdings, with one member holding some 40-49% of...