The majority of base metals prices on the London Metal Exchange were rangebound during morning trading on Thursday November 22 while overall volumes remain light.
Holding gains made at Wednesday's close, the three-month lead price remained above $2,000 per tonne amid continued outflows in LME stock - which remain at nine-year lows - and strong demand from the lead-acid battery sector. Similarly, zinc's three-month price climbed marginally during morning trading to $2,576 per tonne, while a decade-low in LME stocks continues to prompt tightness in the metal's forward curve. Its cash/three-month spread is in a $95 per tonne backwardation. Meanwhile, both aluminium and tin futures also recorded gains over the morning to $1,958 and $19,265 per tonne respectively, with a slight retreat in the dollar index providing scope for prices to appreciate. Markets are expected to be quieter today with US participants away for the Thanksgiving...