Zinc futures on the London Metal Exchange led gains at the close of trading on Wednesday January 23 with its three-month price continuing to trade above $2,600 per tonne, while the rest of the complex trends higher against a softer dollar index.
After a fresh cancelation of more than 22,000 tonnes resulted in most of European LME zinc's stock - principally held in LME-listed warehouses in Rotterdam and Vlissingen - booked for removal, the metal's futures price has exhibited positive price action, climbing more than 10% from its monthly low of $2,356.50 per tonne on January 3. Similarly, a fresh cancelation of more than 94,000 tonnes in aluminium, which correlates to just over 7% of the metal's total LME inventory, sent the light metal's three-month price above $1,900 per tonne, a level it had struggled to close above so far in January. Aluminium's traded volumes were the highest of the complex today, with 18,936 lots changing...