Base metals prices on the London Metal Exchange consolidated during morning trading on Thursday January 24, paring back gains made at Wednesday's close while continued fresh cancelations in LME aluminium and zinc stocks keep price action elevated.
Similarly, both tin and lead futures remained well supported over the morning, with the former trading at its highest level since June 2018 and the latter keeping firmly above $2,000 per tonne. Continued fresh cancelations remain in effect across LME inventory, with more than 180,000 tonnes of aluminium freshly canceled this week, and over 34,000 tonnes of zinc booked for removal. The flurry of canceled warrants has led to delays forming at the LME's warrant depository this week, fueling concerns of a backlog amid expectations of further cancelations to come. As a result, aluminium's three-month price continues to trade above $1,900 per tonne, despite being slightly subdued over the morning, while volumes traded over the week led the complex. Both nickel and copper futures were lower this...