Zinc kept steady early in the day but took a 1.3% drop prior to the close after spending much of the week consolidating around the $3,050-$3,100-per-tonne mark.
A delivery of more than 60,000 tonnes was shipped into Antwerp’s LME-listed warehouse last week, prompting a marginal price dip of 1.6%.
The current price dip could be a delayed response to the large inflow, with trader sentiment pointing toward an eventual outflow of the material.
Zinc volumes traded at 17,599 lots, the highest since April 12.
“It makes sense for the material to be taken out eventually,” a trader told Metal Bulletin.
Aluminium was the day’s biggest drop despite continuing to consolidate around $2,200 per tonne.
The light metal fell 2.3% by the close of trading and recorded an intraday high-low range just short of $100 per tonne.
Remaining in a backwardation of $1 per tonne, moving back from a...