Base metals on the comeback trail

BASE metals rallied strongly overnight as the US dollar weakened.

Base metals on the comeback trail Base metals on the comeback trail Base metals on the comeback trail Base metals on the comeback trail Base metals on the comeback trail

Nickel jumped by nearly 2.7% to US$13,408 per tonne, its highest level in over a week.

Zinc gained 2.5% to $3492.50/t and lead rose by 1.9% to $2564.50/t.

LME inventories across all the main metals, aside from aluminium, dropped.

Cobalt at $81,264/t wasn’t far off its high of $81,298/t set last week.

In New York, the weaker dollar pushed gold futures back over $1330 an ounce.

Gold traded in a range of $1323-1333/oz over the last 24 hours, before closing at $1332/oz.

“We view it as a strong positive that the gold price has remained resilient in the face of the highest real interest rates (as measured by the five-year TIPS) si...

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