LIVE FUTURES REPORT 23/01: LME zinc price climbs 1.6% in positive close; aluminium, lead futures push higher

Zinc futures on the London Metal Exchange led gains at the close of trading on Wednesday January 23 with its three-month price continuing to trade above $2,600 per tonne, while the rest of the complex trends higher against a softer dollar index.

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...


Hassan Butt

January 23, 2019

17:47 GMT