The three-month zinc price fell 1.2%, ignoring the continued drawdown of LME inventories - only 109,025 tonnes are now on-warrant.
Additionally, the metal’s cash/three-month spread remains in a backwardation of $21.50, narrowing from $77 per tonne on Wednesday and down from its widest backwardation in more than 10 years at $124 per tonne in early December.
Copper’s three-month price consolidated lower but remains around $6,000 per tonne. Volumes were unexceptional -around 3,500 lots had changed hands as of 10:02am London time.
The three-month aluminium price continues to trade below $1,900 per tonne despite news...