Zinc and copper's forward prices shrunk over 2% on the afternoon of Wednesday January 27 on the London Metal Exchange, with anxiety over the Covid-19 situation around the world expanding and the dollar rising ahead of Federal Reserve chairman Jerome Powell's remarks this evening.
Zinc's three-month price fell for a fourth day in a row on Wednesday to $2,583.50 per tonne. The galvanizing metal's price sunk by 2.7% from Tuesday's closing price of $2,656.50 per tonne. The price has decreased by 4.5% since the start of the week and is at its lowest level since October 2020. "A nearly 60% surge in LME zinc stocks over the past two days has hit the complex hard and is contributing to a broad spillover decline in the rest of the LME metals today," ED&F Man head of commodities research Edward Meir said in a note. Zinc has been hit by...