LIVE FUTURES REPORT 29/07: LME zinc price unfazed by 15kt inflow, up 1.3% at close; nickel finds momentum

The three-month price of zinc on the London Metal Exchange was the standout performer at the close of trading on Wednesday July 29, shrugging off downward pressure from an inflow of 15,050 tonnes of material in the morning, while nickel followed higher in a positive afternoon session for the majority of the base-metals complex.

Zinc’s outright price on the LME closed at $2,297 per tonne on Wednesday afternoon, settling at its highest level since January, while turnover was at its highest since July 22, with more than 10,000 lots exchanged by the close. Yet upward price moves in the galvanizing metal came despite a steady influx of material, with more than 40,000 tonnes of material delivered into mixed locations over the July period. On Wednesday morning, some 15,050 tonnes was delivered into LME-registered warehouses predominantly in New Orleans and Singapore, with the latter now holding more than 57,000 tonnes of zinc on-warrant, the largest stockpile of...


Hassan Butt

July 29, 2020

18:15 GMT