Zinc continued its strong performance with the three-month price trading 1% higher over the course of the day. It had strong trading volume, registering over 10,000 lots traded by the close.
“Given how oversold zinc has been recently, we would give the double-bottom formation a chance to prove itself and expect the rebound momentum to last a little longer,” Metal Bulletin analyst Andy Farida said.
“The LME zinc price has rebounded from its September 17 low at $2,290 per tonne, but so far the upside seems limited for now,” he added.
Recent data from the International Lead and Zinc Study Group (ILZSG)...