The three-month zinc price was the worst affected today because prices were over 2% lower at the close – fresh deliveries into LME-listed warehouses in New Orleans put pressure on prices.
“Zinc is down on account of another 10,000 tonne increase in LME stock holdings. Zinc stocks have now jumped by nearly 60% since the beginning of the month,” INTL FCStone analyst Ed Meir said.
“Today's strong Chinese macro numbers have given us something of a break to the upside, but should the administration proceed with yet another round of Chinese sanctions, we think the markets will be in store for another major shakeout,” he added.
The aluminium, nickel and tin prices also dipped lower once the dollar index...