Base metals prices on the London Metal Exchange were lower during morning trading on Thursday May 23, with continued trade friction between the United States and China fueling risk-off sentiment while tight nearby spreads failed to attract fresh inflows.
"Today has started in much the same mode with the metals losing ground in the Asian session," Kingdom Futures director and chief executive Malcolm Freeman said in a morning note. Falling furthest over the morning session, zinc futures shed more than 1.3% to reach an intra-morning low of $2,506.50 per tonne, while volumes traded were strong, with more than 4,000 lots traded as of 9:27am London time. The galvanizing metal's cash/three-month spread continues to trade in a tight backwardation, recently...