NORTH AMERICAN MORNING BRIEF 06/03: LME zinc price higher; V2O5 production; flat steel demand in Turkey strong

Base metals prices on the London Metal Exchange were mostly higher the board during morning trading – with the complex beginning to recover from Monday’s weakness.

Here’s how LME prices looked at 11:45 London time:

Read our live futures report here.

“The rise in zinc stocks on the LME sent jitters through the zinc market and prices corrected accordingly. It is surprising so much stock had been held off market for so long given the price gains in recent quarters – the market will now remain nervous to see how much more is out there and whether it is released back to the market” William Adams, Metal Bulletin analyst said in his morning note.

In news, demand for flat steel will remain strong in Turkey through March and price increases are expected to continue because producers are fully booked until late May, market participants told Metal Bulletin this week.