After a fresh cancelation of more than 22,000 tonnes resulted in most of European LME zinc’s stock – principally held in LME-listed warehouses in Rotterdam and Vlissingen – booked for removal, the metal’s futures price has exhibited positive price action, climbing more than 10% from its monthly low of $2,356.50 per tonne on January 3.
Similarly, a fresh cancelation of more than 94,000 tonnes in aluminium, which correlates to just over 7% of the metal’s total LME inventory, sent the light metal’s three-month price above $1,900 per tonne, a level it had struggled to close above so far in January.
Aluminium’s traded volumes were the highest of the complex today, with 18,936 lots changing...
