LIVE FUTURES REPORT 08/07: LME zinc hits 4-month high above $2,100/t in 1.7% upswing

The London Metal Exchange three-month zinc price surpassed the $2,100-per-tonne psychological level for the first time since February 24 to trade up 1.7% to $2,106 per tonne from the previous day’s close at $2,070 per tonne during the morning session on Wednesday July 8.

Despite a weak fundamental outlook, zinc's speculative funds positioning was bullish in the week to June 26 with the galvanizing metal’s short fund position contracting by 2,040 lots over the period. “Speculative investors have been cutting their bearish bets and short-covering and we're starting to see some fresh buying interest on this basis, supporting LME zinc's upward path,” Fastmarkets research analyst said. The Covid-19 pandemic continues to offer some fundamental support to zinc, with Fastmarkets’...

Published

Amy Hinton

July 08, 2020

10:10 GMT

London