Zinc, lead rise 2% as LME base metals prices recover
Temitayo Ayetoto is Businessamlive Reporter.
You can contact her on temitayo.ayetoto@businessamlive.com with stories and commentary.
Zinc and lead led the gainers’ list at the London Metal Exchange with 2 percent rise in their prices as the London Metal Exchange base metals prices gathered momentum on Wednesday, with the complex recouping losses made at Tuesday’s close.
Three-month zinc and lead prices climbed on the back of a slight down tick in the dollar index. Having fallen to its lowest price since at Tuesday’s close, lead’s three-month price has pushed back above $2,000 per tonne, supported by increased seasonal demand from the global battery sector.
Similarly, nickel’s three-month price firmed up, pushing back toward $12,500 per tonne after reaching a low of $12,085 per tonne overnight, its lowest price since December 2017.
“So far yesterday’s underperformers are today’s outperformers as a light value bid emerge, but otherwise little to get too excited about. I continue to look at current prices and believe they look ‘cheap,” said an analyst in a monitored report.