The metals roundly ignored mounting Brexit uncertainty in Europe, while UK prime Minister Teresa May prepares to test the mettle of her newly-negotiated deal in a parliamentary vote later today.
“The metals have all shown modest gains this morning after yesterday’s sell off and seem to be back to following the equity markets and the stronger USD after President Trump's budget proposals,” Malcolm Freeman of Kingdom Futures said.
Copper and zinc in sync
Notably, copper and zinc continue to capitalize on Monday’s closing gains, trading up by 1.04% and 1.09% respectively.
Zinc is closing the gap on its $2,800-per-tonne psychological benchmark, trading at $2,780 per tonne during the morning session.
But inventory drawdown for the two metals remains modest and market participants are still waiting to see if copper deliveries to China actually materialize.
Having reached a low of $12,880...