LIVE FUTURES REPORT 13/08: LME base metals prices hampered by volatile currency markets; zinc falls 2.5%

Base metals prices on the London Metal Exchange were lower across the board at the close of trading on Monday August 13, hindered by widespread risk aversion amid escalating trade tensions and a tumbling Turkish lira.

Three-month zinc prices closed at their lowest level since June 2017, edging 2.5% lower to close below $2,500 per tonne. The zinc price is down more than 25% since the start of the year. Meanwhile, its nearby cash/three-month spread moved into contango for the first time since May 31 – currently at $12.50 per tonne contango from $42.50 per tonne backwardation on August 8 – while a fresh delivery of more than 15,000 tonnes added further pressure to prices. Zinc was the most traded metal on Monday, with 13,000 lots traded by the end of trading. “Zinc supply is quite good at the moment, especially...

Published

Hassan Butt

August 13, 2018

18:00 GMT

London