Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday November 26, with downside pressure emerging amid broad strength in the US dollar index and continued global trade tensions.
The three-month zinc price fell by 1.2% over the day to show the biggest losses over the afternoon, while volumes traded on the exchange were high at 12,375 lots by the close of trading, just behind the total for copper of12,880 lots traded.Tightness in zinc's nearby cash/three-month spread, prompted by a 10-year-low level of LME stocks, eased over the afternoon and narrowed to a $63 per tonne backwardation from $94.50 earlier today. This was the widest backwardation seen since 2007."The LME zinc price is 24.5% below the opening price of 2018. Key global mine restarts and ramp-ups increased the prospect of rising global mine output, threatening the bull run off the 2016 low," Fastmarkets analyst...