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...