HANOI, Jan 27 (Reuters) - Zinc prices fell on Wednesday to their lowest in more than two months after stockpiles in exchange warehouses jumped ahead of a traditionally weak demand season in top consumer China.
Three-month zinc on the London Metal Exchange shed as much as 0.8% to $2,634.50 a tonne, its lowest since Nov. 13, 2020.
The most-traded March zinc contract on the Shanghai Futures Exchange dropped to 19,735 yuan ($3,054.39) a tonne, a level unseen since Nov. 4, 2020.
Zinc is now the worst performer year-to-date among the base metal complex on both exchanges, down 4.1% on the LME and 5.3% on the ShFE.
FUNDAMENTALS
* Zinc inventories in LME warehouses
* China is nearing its week-long Lunar New Year holiday from Feb. 11 to 17, when demand for metals usually slows due to lower industrial activities.
* Cash zinc on the LME has been trading at a discount to the
three-month contract
* LME copper fell 0.4% to $7,978.50 a tonne by 0254 GMT and aluminium dipped 0.2% to $2,015.50 a tonne, while nickel rose 0.3% to $18,105 a tonne.
* ShFE nickel dropped 1.3% to 133,720 yuan a tonne and copper eased 0.1% to 58,770 yuan a tonne, while tin rose 0.8% to 172,160 yuan a tonne.
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MARKETS NEWS
* Asian equities looked set to rise, bouncing back from a steep sell-off on Tuesday, while Australian stocks were seen opening weaker in a catch-up after a Tuesday holiday.
DATA/EVENTS (GMT)
1330 US Durable Goods Dec
1900 U.S. Federal Reserve's Federal Open Market Committee
announces its decision on interest rates followed by
statement
1930 U.S. Federal Reserve chairperson holds a news
conference ($1 = 6.4612 yuan) (Reporting by Mai Nguyen; Editing by Subhranshu Sahu)