The three-month nickel price remains in an uptrend - it gained 2% today and is up by more than 8% from its lowest in 2018 at $10,530 per tonne on December 31 - while zinc climbed by 1.2% to close just below $2,500 per tonne, basis three months.
Tightness in zinc’s forward curve eased by dramatically over the week - the cash/three-month spread has narrowed to a backwardation just $6 per tonne from $77 per tonne at the start of the week. Analysts attributed the move to lending and fewer large positions.
US-China trade talks remain at the top of the commodities agenda, with the two countries continuing negotiations amid a slowing of both economies.
“It is right for Chinese authorities to set a lower [GDP growth] target for 2019 [of 6-6.5%], in light of slowing growth and the ongoing US tariff dispute,” China Post Global managing director Danny Dolan said in...