Base metals recovered some lost ground in non-descript trading on the morning of Wednesday December 23 on the London Metal Exchange, with zinc rising the most after two days of losses caused by the news of a new Covid-19 variant damaging sentiment.
Three-month zinc was up by 1.37% from the Tuesday 5pm close at $2,813 per tonne. The metal had the biggest dip on Tuesday, ending 2% lower at $2,775 per tonne - its first sub-$2,800 close since December 11.Copper was also up by 0.9% at $7,841 per tonne, basis three months, from $7,746.50 per tonne, which was a 1.3% drop from Monday. "Judging by the subdued price action in the base metals, the selling pressure over the past two trading days has started to ease this morning," Fastmarkets analyst Andy Farida said. "Low-volume trading will be the...