LIVE FUTURES REPORT 21/05: LME zinc price slips 1.8% but holds above $2,000/t; fresh 21kt cancelation keeps copper elevated

The LME three-month zinc price fell 1.8% on moderately high turnover in morning trading on Thursday May 21, while the fresh cancelation of 21,775 tonnes in LME copper kept the red metal’s outright price elevated.

Zinc’s underlying price on the London Metal Exchange was recently seen at $2,006.50 per tonne on Thursday morning, falling from an intra-morning high of $2,048 per tonne, while turnover was high, with more than 3,000 lots exchanged as of 10am London time.  Buying momentum in LME zinc has picked up this week, largely due to profitable arbitrage opportunities with the Shanghai Futures Exchange (SHFE). Yet the metal’s elevated price has now seen selling pressure emerge.  Deterring investment in the galvanizing...

Published

Hassan Butt

May 21, 2020

11:20 GMT

London