LIVE FUTURES REPORT 16/02: LME metals consolidate; zinc availability jumps on re-warranting

Base metals prices on the London Metal Exchange are consolidating during Thursday February 16 as, following a spate of profit-taking, investors moved to the sidelines to await further direction.

“Everything is headline driven at the moment. Supply issues sent prices higher and there was some decent Chinese buying at the start of the week. Then there was a big shake out and then yesterday everyone stood away in small volumes,” an LME trader said. “Prices have done a lot recently so there was always going to be a period of consolidation. But investors are still friendly towards metals, so I think they will work higher again,” he added. Zinc softer on increased availability in New Orleans • Three-month zinc is $5 lower on the previous day’s close at $2,865 per tonne. Earlier this week, it had looked set to test $2,985 – a break above this level would have taken it to multi-year highs. • “Zinc has also caught a decent bid today with onshore buying mopping up residual Western selling after what was a poor close yesterday. The...

Published

Kathleen Retourné

February 16, 2017

10:36 GMT

London