Zinc hit a two-month low of $3,273.50 per tonne today after a massive 78,950-tonne delivery into LME-listed warehouses in New Orleans. The metal was still $59 per tonne lower at $3,296 at the 5pm London close.
The metal’s cash/three-month spread briefly swung back into contango for the first time this year although it had returned to a backwardation of $3 per tonne by the close.
“Today’s stock surge serves as a reminder of how much metal could still be lurking in off-market finance deals. There is increasing pressure from tight spreads while the US Federal Reserve continues to tighten monetary policy,” Metal...
