LME zinc prices have dropped back this week as technical selling has pushed the market back below 800 dollars per tonne basis three months."The same people in the trade who bought it up to 830/840 dollars per tonne a few days ago are the same people selling it now and bringing the price back down," said a trader, adding that the current volatility had little to do with the metal's fundamentals.LME stocks have seen a notable increase this year and were reported at 473,950 tonnes on January 22. The largest day-to-day increases, including one of over 12,000 tonnes, were recorded when the zinc price was higher.
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