LIVE FUTURES REPORT 21/05: LME zinc price sinks below $2,000; US jobs data disappoints

The three-month zinc price on the London Metal Exchange tumbled at the close of trading on Thursday May 21, losing some 3.6% in an afternoon downturn, while a fall in US unemployment claims failed to boost market sentiment.

Zinc’s outright price on the LME closed at $1,983.50 per tonne on Thursday afternoon, falling from an intraday high of $2,048 per tonne, while turnover was strong at more than 9,500 lots exchanged by the close. After falling by some 1,993 positions overnight, total open interest in LME zinc was now at a multi-year low, at a total of 262,237 total positions. LME data also showed five dominant members across warrant holdings; with two holding 30-39% of warrant holdings, one more holding 40-49% of cash holdings, and the final two holding...


Hassan Butt

May 21, 2020

17:16 GMT