Zinc touched a near three-month high on Tuesday as the dollar lost its lustre, exchange stockpiles fell and expectations of stronger demand from Chinese steelmakers rose.
Benchmark zinc on the London Metal Exchange rose 0.7 percent to $2,737 per tonne at 1104 GMT. Earlier the metal used to galvanise steel hit $2,750 per tonne, its highest since April 7. "Fundamentally zinc is very strong," Sucden Financial analyst Kash Kamal said, adding that the technical picture also suggested further upside for zinc prices.
ARD Price at posting:
2.9¢ Sentiment: Hold Disclosure: Held
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