LIVE FUTURES REPORT 02/04: LME zinc price tops complex in surprise upswing; Al fails to breach $1,500

The three-month price of zinc on the London Metal Exchange was the standout performer at the close of trading on Thursday April 2, climbing by 1.5% despite a three-month low in turnover, while an afternoon rally did little to push aluminium above nearby resistance.

Zinc’s outright price on the LME closed at $1,887.50 per tonne at the 5pm London close on Thursday, up from an intraday low of $1,844 per tonne. But turnover was at its lowest since December 2019, with only some 5,500 lots exchanged by the close. The galvanizing metal’s three-month price has depreciated from more than $2,000 per tonne at the start of March, yet forward-spread volatility and broad risk-aversion among investors has seen its underlying price on the LME stagnate. Meanwhile, high availability of free-floating LME zinc warrants continued to offset physical demand, while tightness...

Published

Hassan Butt

April 02, 2020

17:22 GMT

London