Base metals prices on the London Metal Exchange rallied against a high dollar index during morning trading on Thursday November 15, recovering losses made at Wednesday's close and topped by strong gains in zinc and nickel futures.
Climbing by 3%, the three-month zinc price reached an intraday high of $2,595 per tonne over the morning after more than 11,000 tonnes was freshly canceled across LME-listed warehouses in New Orleans. More than 95% of total LME inventory now sits in New Orleans sheds after volumes in Antwerp fell from 51,200 tonnes to just 200 tonnes in October, with total LME zinc stocks at their lowest since 2008."The International Lead & Zinc Study Group (ILZSG) reported high supply deficits on the global zinc and lead markets yesterday. According to the report, the zinc market was undersupplied to the tune of 305,000 tons in the first three quarters of the year," Commerzbank Research said in a morning note."In our opinion,...