The apparent reaffirming of a phase one trade deal between the United States and China continued to drive an increase in London Metal Exchange three-month prices during the afternoon on Tuesday August 25, with LME base metals futures universally closing up at the 5pm kerb.
The LME base metals complex has become prone to following macroeconomic developments, and today was no exception, with the latest positive rhetoric in the protracted trade negotiations between the two economic heavyweights driving prices higher despite a broadly weak fundamental backdrop. A weaker dollar index, which was trading down 0.13% at around 93.14 during the afternoon session, also acted as an effective tailwind for LME base metals three-month prices. The LME three-month zinc price continued to trend higher today making the most gains in percentage terms to close up 1.4% on the previous day's close at $2,482 per tonne this afternoon. Despite...