Zinc’s three-month price was the best performer over the afternoon, reaching an intraday high of $2,617.50 per tonne and closing at its highest price since November 16.
Prompting strength across zinc futures, the metal’s LME inventory continues to drift lower and is currently at its lowest count since 2008 at 110,700 tonnes.
Investors remain hesitant to buy zinc due to the metal’s wide backwardation in the forward curve, which is at its widest since 2007 at $125 per tonne.
Meanwhile, lead’s three-month price took a divergent path over the afternoon, falling 1.2% despite a similar downdraft in total LME stock, which is at its lowest since 2009.
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