Base metals prices on the London Metal Exchange were higher across the board at the close of trading on Friday February 15, with market sentiment continuing to improve amid US-China trade talks, while participants continue to short-cover after last week's price rally.
Climbing furthest over the afternoon, zinc futures closed above $2,600 per tonne and continued to trade in a volatile trend after soaring to their highest level since August 2018 at $2,800 per tonne last week. The metal's LME stock level continues to dwindle amid a decade-low and is now below 100,000 tonnes, while LME data shows one dominant warrant holding position at 30-39% of tomorrow/next positions. "The February 6 high triggered a sell-off in the base metals complex, which has lasted for nine days, pulling prices down to retrace as much as 50% to 61% of the January gains," Fastmarkets analyst Andy Farida said. "In addition, US-China rhetoric is starting to heat up and we are getting positive sentiment for US president Trump," Farida added.In addition, lead's...