LIVE FUTURES REPORT 18/07: LME zinc price climbs 3.3%; nickel up slightly

Zinc prices on the London Metal Exchange rallied over 3% at the close of trading on Wednesday July 18, buoyed by weaker than expected US housing statistics amid broad consolidation across most of the other base metals.

Closing at its highest level in over a week, zinc’s three-month price continues to trade in a broad downtrend, falling more than 27% from the 2018 high of $3,852 per tonne on February 15.  “The LME zinc price surprised to the upside this morning, while its peers struggled due to the stronger dollar index overnight,” Metal Bulletin Research analyst Andy Farida said. “The presence of a dominant warrant holder with 50-79% of the available warrants could also support our view that LME zinc could see short-covering activity emerging soon.” Elsewhere, ongoing trade tensions between the...


Hassan Butt

July 18, 2018

17:55 GMT