Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Tuesday January 15, with a continued uptrend in nickel and tin futures topping gains while zinc and lead prices edged lower.
Supporting commodity investment, strong performances in both the Dow Jones Industrial Average and the S&P 500 Index over the afternoon fueled positive risk sentiment despite the US dollar index climbing above the psychological level of 96.Zinc's three-month price traded in negative territory throughout the day however, continuing to lose support below $2,500 per tonne, despite easing tightness in the metal's forward curve - the cash/three-month was last in a $1.50 per tonne backwardation - while total LME stocks remain on a downtrend. Similarly, lead futures consolidated lower over the afternoon, but remain in a slim trading range of $34 per tonne with an intraday high of $1,994 per tonne, and a low of $1,960 per tonne. "We are seeing very quiet conditions across the markets today; base metals are mostly higher on account of news of fresh Chinese stimulus plans,"...