All other base metals traded on the London Metal Exchange consolidated down, failing to be buoyed by positive US retail data, choosing instead to follow the downward trajectory of weakening EU economies.
Zinc or swim
Zinc edges ever closer to the psychological $2,800 per tonne benchmark, despite failing to breach it during trading hours on March 11.
But the metal’s three-month LME price continues to correct, however marginally, after the $2,700 per tonne low last week, having previously been on an upward trajectory since the dip to $2,606 per tonne on February 13.
Despite tightening spreads, and with the three-month LME zinc price being in a $40.50 per tonne backwardation, inventories in LME warehouses remain relatively stable, with a marginal 425-lot drawdown recorded and a respectable 9,979 lots traded by close of play.
Following zinc, copper’s three-month price closed up 0.2%, to $6,513 per tonne from $6,395 per tonne on Friday...