Base metals on the London Metal Exchange were predominantly lower at the close of trading on Monday December 31, consolidating lower despite slight upticks in equity markets and a continued easing in the US dollar index.
The worst affected of the day, the three-month lead price closed around 2% lower but remains supported above $2,000 per tonne amid a multi-year low in total LME inventory. "Lead's fundamental backdrop has always been attractive and it could get more prominent in 2019 while low treatment charges (TCs) and mining output start to take their grip on prices - perhaps lead could outperform its sister metal zinc in the first half of 2019," Fastmarkets MB analyst Andy Farida said.By contrast, zinc's three-month price climbed more than 1% over afternoon trading, but remains below the nearby $2,500-per-tonne threshold. A decade-low in LME zinc stocks, in addition to a...