LIVE FUTURES REPORT 29/07: LME zinc nears $2,300/t despite 15kt fresh inflow; Ni up 1.1%

The London Metal Exchange three-month zinc price made gains during the morning session on Wednesday July 29 after a further 15,050-tonne fresh inflow into LME approved warehouses this morning.

LME zinc stocks have been subject to over a week of significant consecutive inflows, with stocks up 54% to their current 187,475-tonne level today from 121,050 tonnes on July 20. The rising stocks failed to cap upward momentum in zinc futures this morning, however, with the metal’s LME three-month price breaking past the July 13 high at $2,272 per tonne and most recently trading up by around 2% to $2,291.50 per tonne. While zinc continues to test the $2,300-per-tonne resistance level, however, analysts are skeptical that a bullish run on zinc is sustainable against a weak fundamental backdrop. “The divergence of rising availability of...

Published

Amy Hinton

July 29, 2020

10:10 GMT

London