Zinc’s outright price on the LME settled at $2,429.50 per tonne on Friday afternoon, a climb of more than 1.5%, while daily trading volumes were among the lowest over January at some 6,482 lots exchanged by the close.
The galvanizing metal’s underlying price closed the week at a rise of more than 3%, notching modest gains from a weekly low of $2,344.50 per tonne.
Despite this, zinc’s benchmark cash/three-month spread remains in a backwardation, recently seen at $19.75 per tonne.
Total zinc stocks remain low at 51,450 tonnes, but with some 43,700 tonnes on-warrant, availability of free-floating LME zinc warrants is relatively high.
Elsewhere in the complex,...