Zinc was recently up 1.6%, recovering after last week’s lackluster performance. It has $2,800 per tonne in its sights, having previously been capped below that level by producer selling.
“On Friday, zinc was only metal today to see above-average turnover, with 11,300 lots trading by 17:30, up 30% on the 20-day average,” Marex said.
So far today zinc volumes have been robust - more than 4,600 tonnes had changed hands by 10:00am London time, outracing the rest of the complex.
Copper prices also pushed higher, buoyed by Chinese import data showing signs of strong demand for commodities.
“While primary copper imports were...