Base metals on the London Metal Exchange were mostly lower during morning trading on Monday November 5, pressured by escalating tensions between the United States and China while key global stock markets followed lower.
Topping losses in percentage terms over the morning, the three-month nickel price continues to trade below the $12,000 per tonne threshold, retreating by 1.1% against a broadly strong dollar index and slowing demand from the stainless steel sector. Similarly, after spending much of October trading above $2,600 per tonne, the three-month zinc price is now firmly below the mark, despite total LME inventory remaining at a 10-year low. Equally, tightness in zinc's cash/three-month spread persists, but has eased from $66 per tonne last week to $49 per tonne this morning. Market participants pointed to weaker Asian equities as affecting trader sentiment in the base metals complex. "Weak...