LIVE FUTURES REPORT 22/08: LME zinc price falls 1.7% in choppy trading; nickel spread tightens

The London Metal Exchange three-month zinc price was lower at the close of trading on Thursday August 22, a day in which trading ranged $2,230-2,290 per tonne, while the backwardation in the nickel forward spread widened to its highest since 2015.

The galvanizing metal closed trading at $2,245 per tonne, falling some 1.8% from an intraday high of $2,287 per tonne and from $2,285 per tonne at Wednesday’s close. Zinc traded volumes were high over the day, with 7,500 lots exchanged by the close, second to copper’s 14,200 lots. Of the exchange’s 70,300 tonnes of zinc stock, LME data now shows two respective dominant members at 30-39% of warrant holdings and tomorrow/next-day positions. “Zinc prices are consolidating above recent multi-month lows,...

Published

Hassan Butt

August 22, 2019

17:59 GMT

London