The London Metal Exchange three-month zinc price recorded its highest settlement price since January at the close on Monday July 13, rallying above nearby resistance despite well-supplied exchange stocks, while copper futures registered a standout turnover against the metal's continued price incline.
LME zinc's outright price closed at $2,261.50 per tonne on Monday afternoon, climbing over 3% from an intraday low of $2,186 per tonne, while turnover was high at more than 11,000 lots by the close. Yet it was the US Federal Reserve's decision to inject an additional $3 trillion of fiscal stimulus this afternoon that allowed global markets to rally, with the United States central bank's balance sheet increasing from $4.2 million to $7 million. According to...