LIVE FUTURES REPORT 22/08: LME zinc tops losses; Al falls despite 21,800t fresh cancelation

The three-month zinc price on the London Metal Exchange declined during morning trading on Thursday August 22, with the metal falling by around 1.9% against moderately high turnover, while a fresh cancelation in aluminium did little to stop a slight downturn in the metal’s outright price.

Despite reaching an intra-morning high of $2,287 per tonne, the galvanizing metal has shed some $50 per tonne over the morning, recently trading at around $2,235 per tonne. Some 2,885 lots of zinc were exchanged as of 9:30am London time, which ranks second to copper’s 4,950 lots.  Although trading in a slight backwardation, zinc’s forward cash/three-month spread on the LME has eased considerably after trading in its widest backwardation since 2007 at $160 per tonne in May to recently trade in a backwardation of around $1.50 per tonne.  Elsewhere, LME zinc stocks remain little changed at around 70,300 tonnes,...

Published

Hassan Butt

August 22, 2019

10:25 GMT

London