LIVE FUTURES REPORT 30/01: LME zinc price tumbles to 3.5-year low; copper sinks below $5,600

The three-month zinc price on the London Metal Exchange closed at its lowest level in more than three years at the close of trading on Thursday January 30, settling below the nearby $2,200 per tonne support level, while the price of copper futures continued to decline over the afternoon.

Zinc’s outright price closed at its lowest level since July 2016 on Thursday afternoon, falling to a closing price of $2,188 per tonne. Turnover on the day was moderately high, with some 8,533 lots exchanged by the close. The price of the galvanizing metal has trended lower since reaching a monthly high of $2,432 per tonne on January 16, while open interest in LME zinc has climbed significantly since the start of the year, with some 311,723 open positions now in place compared with 294,178 on January 2. Meanwhile, LME zinc stocks remained low,...

Published

Hassan Butt

January 30, 2020

18:58 GMT

London