Zinc's three-month price on the London Metal Exchange gained support at the close of trading on Wednesday January 16, with the rest of the complex following the upward trend amid a softer US dollar index and stable performances in US equity markets.
Closing just below its nearby support level of $2,500 per tonne, zinc futures remain on the uptrend while total LME inventory continues to fall. On-warrant material now sits at 108,000 tonnes, with more than 76% of the LME's on-warrant supply stocked in LME-listed warehouses in New Orleans.Meanwhile, both lead and aluminium futures consolidated higher over the afternoon, with fresh concerns over further delays to the removal of sanctions against UC Rusal by the US Treasury Department prompting an uptick in the three-month aluminium price, which reached an intraday high of $1,880 per tonne. Despite being the only metals to trade in negative territory over the afternoon, both nickel and tin futures remain in a broad uptrend in January, with the former up more than 9% from its 2018 low of $10,500 per tonne on December 31, and tin up more than 11% from its 2018 low of $18,145 per tonne on...