The zinc price set a new year-to-date high in the morning of Tuesday May 18 on the London Metal Exchange, with worries about the recent political developments in Peru creeping into investor sentiment, while a dollar at its weakest since the end of February pushed most metals prices up too.
Zinc's three-month price reached $3,108.50 per tonne on Tuesday during early trading, the most since June 15, 2018. Its price reversed slightly to $3,072 per tonne at 9am but was still up 1.9% from Monday's closing price of $3,014 per tonne, which itself had been a 2.6% rise. "Copper and zinc were supported by proposed tax hikes in major producers Chile and Peru, where left-wing politicians are gaining support," LME Desk analyst at Marex Anna Stablum said. In Chile, the government's coalition was overshadowed...