LIVE FUTURES REPORT 29/06: LME zinc price gains 1% in afternoon trading; nickel tops complex in 1.2% climb

Steady buying over the afternoon brought the three-month zinc price on the London Metal Exchange higher at the close of trading on Monday June 29, eradicating the metal’s morning price weakness, while nickel futures topped gains despite minimal volume traded on the day.

Zinc’s outright price on the LME closed at $2,061.50 per tonne, climbing from an intraday low of $2,020 per tonne, while turnover was moderate at just over 5,500 lots exchanged by the close. Meanwhile, open interest in LME zinc climbed above a total of 240,000 open positions overnight, but remains much lower than levels seen in May, when open interest peaked at 273,449 positions on May 5. Despite a smaller market, LME data shows that zinc continues to be held in tight hands. Of the LME’s 122,850 tonnes of zinc, 80-89% of tomorrow/next-day...


Hassan Butt

June 29, 2020

18:14 GMT