LIVE FUTURES REPORT 24/02: Coronavirus fears push LME zinc price down 2.7%; copper follows amid risk-off sentiment

The three-month zinc price on the London Metal Exchange fell by more than 2% at the close of trading on Monday February 24, with downward moves taking it to its its lowest close since July 2016, while broad risk-off sentiment across the base-metals complex saw copper lose 1.2% of its outright price.

Zinc’s underlying price on the LME closed at $2,046 per tonne on Monday afternoon, falling from an intraday high of $2,101 per tonne and closing only $1 per tonne higher than its intraday low. Turnover in the galvanizing metal was high, with more than 10,000 lots exchanged by the close, the most since February 11, while the metal’s benchmark cash/three-month spread recently traded in a $19.50 per tonne contango. Fears of a spread of the coronavirus outbreak outside China prompted investors to avoid risking their assets and...

Published

Hassan Butt

February 24, 2020

18:02 GMT

London