Zinc prices on the London Metal Exchange climbed 1.5% during morning trading, buoyed by a fresh cancelation of more than 15,000 tonnes in New Orleans, while a healthy US dollar index adds further pressure to the complex.
Pushing back above $2,900 per tonne over the morning, zinc prices are taking a positive turn, pushing higher against a 6% drop in on-warrant stock levels. The metal's technical formation is also easing, with its cash/three-month spread trading in a backwardation of $43.25 over the morning, from $60.25b per tonne on Monday. While escalating trade tensions between the United States and other major economies continue to unsettle commodities, recent developments are suggesting a slight easing in the US approach to trade relations. "The US Administration announced yesterday that it would be pushing forward with its plans to restrict Chinese investment in the US, but that it would not be implementing the harshest...