Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday December 17, capped by broad strength in the US dollar index while investors remain cautious ahead of the the forthcoming Federal Reserve meeting in the United States.
At this week's Fed meeting, a decision on further interest-rate rises is expected. Volumes traded over the day are moderately low, with fewer than 14,000 lots changing hands. The three-month lead price fell almost 1% to close at its lowest since November 6 despite continued outflows from LME-listed warehouses - stocks remain at their lowest since 2009. Similarly, a fall in three-month zinc comes amid a similar drop in LME inventories, which remain at their lowest since 2008. Despite a tight fundamental backdrop, zinc's three-month price continues to trade in a volatile range between $2,450 and $2,630...