Most LME base metals prices were trading slightly higher on the morning of Friday November 5, following declines at the close on Thursday, but zinc's three-month price remained under pressure.
The galvanizing metal dipped to $3,1248 per tonne on Friday during early trading, its lowest level since October 8. The price recovered to $3,197 per tonne shortly after 9am, but it was still 1.3% lower than Thursday's closing price of $3,240.50 per tonne, which was itself a 2% decline on the previous day. Zinc's LME on-warrant stocks dropped 11% on Friday to 131,300 tonnes, their lowest level since July 2020, following a 16,375-tonne cancellation of material in Singapore.Aluminium also remained under pressure on Friday,...