Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Wednesday November 14, boosted by a steady rebound in global benchmark crude oil futures and a marginal retreat in the dollar index.
Following a decline in the oil price this morning due to increasing concerns over a global slowdown economic growth, it bounced 1.47% over the course of the day, encouraging investors to return to trading commodities including base metals. Climbing 0.5%, the three-month zinc price recorded the largest return over the afternoon, closing above $2,500 per tonne for only the fifth time this month amid broadly subdued price action. Since its October high of $2,721 per tonne, zinc futures have fallen around 10% to reach a November low of $2,437 per tonne last week, with decade-low inventories and a subsequent wide backwardation in the metal's cash/three-month spread - recently seen at $65.50 per tonne - dampening investment. It closed today at $2,502 per tonne today.Similarly, the struggling three-month lead price continues to...