LIVE FUTURES REPORT 31/07: LME zinc price clears $2,300/t in 1.2% uptick; copper holds near $6,400/t

The three-month zinc price on the London Metal Exchange was the standout performer at the close of trading on Friday July 31, breaching nearby resistance in a continued incline over the day, while sideways trading in LME copper futures kept the metal’s outright price firmly near the $6,400 per tonne threshold.

Zinc’s outright price on the LME closed at $2,318.50 per tonne on Friday afternoon, with the metal now trading at levels last seen in January. Turnover in the galvanizing metal was strong over the day, with more than 9,400 lots exchanged by the 5pm close. Forward buying in LME zinc was supported by a loosening of the metal’s forward curve, with the metal’s benchmark cash/three-month spread widening from a $6.50 per tonne...

Published

Hassan Butt

July 31, 2020

17:40 GMT

London