Base metals and iron ore experienced gains as the dollar fell sharply following Donald Trump's nomination of Scott Bessent for Treasury secretary. All major contracts on the London Metal Exchange rose, reflecting a broader increase in stocks and risk assets, with the US currency declining the most in over two weeks.
Zinc prices surged to a 20-month high, reaching $3,260.50 a ton on the London Metal Exchange, marking the highest intraday price since February of the previous year. This increase, driven by fears of tightening global supply due to mine disruptions, signals a potential third consecutive daily gain.
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