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Zinc Was the Biggest Gainer, Aluminum Closed at a 2-Month High

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Base metals recovered

After falling to lower price levels on Tuesday, base metals recovered on December 23 and closed higher. Zinc was the biggest gainer for base metals on Wednesday in the LME. It rose by 2.5%.

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Aluminum closed at 2-month high

LME 3M Copper rose by 1.2% on Wednesday. It ended the day at $4,720 per metric tonne. Copper started the week on a positive note but fell on Tuesday. Since the beginning of 2015, LME Copper fell by 25%. In COMEX, copper rose by 0.7% on December 23. After closing the day at a two-week high on Monday and starting the week on a positive note, aluminum fell on Tuesday. It recovered on Wednesday. LME 3M Aluminum rose by 1.9% on December 23. It closed the day at $1,536 per metric tonne. For aluminum, this is the highest day close since October 20. This is a two-month high.

Nickel, zinc, and lead recovered 

After gaining for two consecutive days, LME 3M Nickel fell on Tuesday but recovered on Wednesday. LME 3M Nickel rose by 0.35% on December 23. It ended the day at $8,670 per metric tonne. LME 3M Zinc fell by 1% on Tuesday but recovered on Wednesday. LME 3M Zinc rose by 2.5% on Wednesday. It ended the day at $1,555 per metric tonne. LME 3M Lead fell by 1.5% on Tuesday but recovered on Wednesday. LME 3M Lead rose by 1.9% on Wednesday. It closed the day at $1,732.5 per metric tonne.

Tin is consolidating 

For the past 12 trading sessions, LME 3M Tin has been consolidating near the support level of $14,500 per metric tonne. LME 3M Tin fell by 0.14% on Wednesday. It ended the day at $14,620 per metric tonne. Base metal miners Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), and BHP Billiton (BHP) rose to higher price levels on Wednesday. The PowerShares DB Base Metals Fund (DBB) rose by 1.7% on December 23.

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