Base metals prices on the London Metal Exchange mostly closed in positive territory on Monday January 22 on continued support from the weaker dollar.
Lead prices closed back above $2,600 per tonne and close to seven-year high levels. The global refined lead market recorded a deficit of 169,000 tonnes year-to-date through November 2017, according to the International Lead & Zinc Study Group. "The strength in the base metals complex seems to be driven by easier financial conditions out of China, evident in the 2% fall in the overnight Shibor, and a weaker dollar, driven by the government shutdown in the United States after Congress failed to pass a funding bill last Friday," Metal Bulletin analyst Boris Mikanikrezai said. Copper also saw significant gains throughout the day but...