LIVE FUTURES REPORT 22/07: Dollar decline, fresh cancelations fail to support; zinc sinks 2.5% on inflows

The London Metal Exchange three-month base metals prices were predominantly subdued during morning trading on Wednesday July 22, with zinc futures leading the decline while fresh cancelations and a steady decline in the US dollar index did little to boost sentiment.

LME zinc’s outright price was recently at $2,189 per tonne, a decline of over 2.5% from a morning high of $2,263 per tonne, while turnover was high at more than 4,000 lots as of 9:40am London time.  A fresh inflow of some 12,850 tonnes was delivered into LME-registered warehouses in Bilbao, Port Klang and Singapore, taking total LME on-warrant zinc stocks to 112,525 tonnes and pushing the galvanizing metal’s price lower.  LME zinc’s benchmark cash/three-month spread was recently in a...

Published

Hassan Butt

July 22, 2020

10:36 GMT

London