Prices for the rest of the base metals complex consolidated lower amid broad strength in the US dollar index, while renewed figures on the US trade deficit continued to underscore the slowdown in that country’s economy.
The three-month zinc price reached an intraday high of $2,803.50 per tonne during afternoon trading on Wednesday, up by more than 1.7% to trade at its highest level since a spike in the complex took the metal’s price to an eight-month high on February 4.
The continued shortage in LME supply has prompted price action to tick higher since the start of the year. But despite continued weakness in mine output, the metal’s three-month price remained 22% lower than the 10-year high of $3,595 per tonne achieved in February 2018.
Meanwhile, total LME zinc stocks remained at a decade-low at 60,900 tonnes, with just over 44,000 tonnes...