LIVE FUTURES REPORT 02/01: LME zinc price breaks above $2,300; copper fails to close above $6,200

The three-month price of zinc on the London Metal Exchange had made the greatest gains at the close of trading on Thursday January 2, with the price breaching nearby resistance levels, but copper futures failed to close above the $6,200 per tonne threshold despite an afternoon spike.

Zinc’s outright price closed at $2,310 per tonne in the afternoon, the highest close since December 27, while trading volumes over the day were strong at just over 6,000 lots exchanged, the most since December 23. The price of the galvanizing metal spent much of December below $2,300 per tonne, spiking above that mark on December 18 only to dip below again, before choppy trading saw levels fluctuate over the holiday period. Meanwhile, forward spreads in LME zinc continued to trade in a backwardation, with the metal’s benchmark cash/three-month spread recently seen at...

Published

Hassan Butt

January 02, 2020

18:03 GMT

London