Base metals prices on the London Metal Exchange mostly consolidated higher during morning trading on Tuesday January 15, bolstered by increased consumer demand and a weakened US dollar.
Zinc was the only metal to buck the uptrend this morning, ignoring market fundamentals to trade at $2,470 per tonne, 0.5% below its support level at $2,500 per tonne. This comes despite low zinc stocks, a weak US dollar and a strong demand outlook for 2019.The base metals complex, bar zinc, had moved down by Monday's close, with prices falling on weaker than expected export data from China. "China probably produced more aluminium than ever before last year, so exports rose accordingly. What is more, Chinese aluminium was also in greater demand abroad on account of the US sanctions against the largest Russian aluminium producer [UC Rusal]," Commerzbank Research said in a morning note. "Chinese producers took advantage of the resulting increase...