LIVE FUTURES REPORT 16/03: LME zinc recovers on fresh NOLA cancellations; base metals move higher

Base metals prices on the London Metal Exchange were mostly higher during morning trading on Friday March 16 – with tin being the only metal in negative territory.

Copper prices recovered $33 per tonne this morning but remain below the $7,000 per tonne support level while volumes are thin. The three-month nickel price regained some of Thursday’s losses but remains unsteady, while zinc prices were boosted by fresh cancellations in New Orleans. Zinc stocks in New Orleans have seen significant increases so far this year, with 78,950 tonnes delivered in on March 5. “The fresh cancellations have given hope of more to come, which will tighten up supply because the large deliveries were bearish for the metal,” a trader said. Furthermore, Chinese smelters typically begin planned maintenance at...

Published

Alice Mason

March 16, 2018

10:10 GMT

London