LIVE FUTURES REPORT 16/04: LME zinc falls 2% amid 10kt inflow; Nickel above $13k/t

Zinc’s three-month price on the London Metal Exchange was down by more than 2% during morning trading on Tuesday April 16, with its price action under pressure after more than 14,000 tonnes of zinc was delivered into LME-registered European warehouses this week, the largest inflow since August 2018.

Total on-warrant LME zinc stocks are now at 62,700 tonnes and up by over 33% since reaching their lowest level on record last month at 41,500 tonnes on-warrant. The metal’s cash/three-month spread has now narrowed from reaching its widest level since December 2018 at $104 per tonne on April 12, with zinc’s cash price subsequently above $3,000 per tonne as a result.  Nickel's cash/three-month spread was recently in a backwardation of $69 per tonne.  Meanwhile, zinc volumes traded led the complex over the morning with more than 5,800 lots changing hands as of 9:53am...

Published

Hassan Butt

April 16, 2019

10:15 GMT

London