Commodities

BASE metals prices were mostly lower yesterday as the market absorbed another round of LME warehouse stock rises. Total metal stocks in London Metal Exchange warehouses are a record 2,314,188 tonnes with zinc, aluminium and nickel at individual records, while lead is near nine-year highs.

Zinc and nickel were the main movers, with dollars 28 and dollars 100 a tonne falls to fresh eight-month and 34- month lows. Traders said option- related selling triggered sell stops in zinc and saw three months trade down to dollars 1,150 while nickel was still suffering from a loss of market confidence in the ability of Western producers to combat the impact of Russian exports on prices.