The prices of base metals on the London Metal Exchange were broadly higher at the close of trading on Wednesday September 12, propped up by a sizeable downturn in the US dollar index amid proposals of another round of trade talks between the United States and China.
Climbing 3% over the afternoon and recouping losses made at Tuesday's close, nickel's three-month price has pushed back over $12,600 per tonne, reaching an intraday high of $12,655 per tonne. Meanwhile, both three-month zinc and lead prices climbed more than 2% over the afternoon, with the latter closing back above $2,000 per tonne after closing below the support level for the first time since August 20 on Tuesday. "We're seeing a modest bounce in the group, with the exception of tin and aluminum. The latter has now rolled back its entire advance triggered earlier in the week on a story that Rusal was reportedly cutting back output in preparation for US sanctions scheduled for late October," INTL FCStone analyst Edward Meir said in an...