Base metals on the London Metal Exchange were collectively higher during morning trading on Thursday November 1, with most metals recovering from Wednesday's dip amid a softer US dollar index and a continued drawdown in LME inventories.
Pushing back above $11,500 per tonne, the three-month nickel price gathered support over the morning session, hitting an intraday high of $11,645 per tonne after falling 2.5% at Wednesday's close. Both three-month copper and zinc prices surpassed nearby support levels over the morning, with the red metal now trading just above $6,000 per tonne while total volumes top the complex at 5,942 lots changing hands.Total zinc inventories are at their lowest since 2008, prompting one of the widest backwardations in the metal's nearby cash/three-month spread, recently seen at $63 per tonne. Elsewhere, the three-month aluminium price gained momentum across morning trading after hitting a 17-month low at Wednesday's close, but continues to trade below the $2,000 per tonne threshold. "The copper price...