LIVE FUTURES REPORT 11/09: LME zinc price climbs 2.3% in morning surge; fresh cancellation sees copper pass $6,700/t

The three-month zinc price on the LME was the standout performer during morning trading on Friday September 11, while an 11,500-tonne fresh cancellation pushed LME copper beyond nearby resistance levels.

Zinc's price action made a steady return toward key resistance at $2,500 per tonne with its outright price on the LME was recently seen at $2,454.50 per tonne - more than 2% higher than Thursday’s closing price of $2,416.50 per tonne. Turnover was moderate, with just over 3,400 lots exchanged as of 10:25am London time. LME zinc’s forward curve continues to trade in a contango, with the metal’s benchmark cash/three-month spread recently trading in a $25-per-tonne contango, albeit narrowing from a contango of $31 per tonne earlier this week.  Zinc inventories remain...


Hassan Butt

September 11, 2020

10:07 GMT