Base metals on the London Metal Exchange were mixed during morning trading on Monday November 12, with nickel, zinc and lead prices pressured by a fresh 2018 high in the US dollar index, while copper and tin futures found support.
The three-month zinc price fell by 1.8% over the morning, edging back below $2,500 per tonne amid continued stock drawdowns and fresh cancelations. Total LME zinc stocks are at their lowest level since 2008, prompting continued tightness in the metal's nearby cash/three-month spread, which was recently seen in a backwardation of $62.50 per tonne, widening from $37 per tonne on November 6. Similarly, nickel's three-month price continues to face downward pressure from a strong dollar and weakening demand in the stainless and galvanized steel sectors, falling to an intraday low of $11,310 per tonne and down 1.1% from Friday's close. "Commodity...