LIVE FUTURES REPORT 18/09: Fresh cancellation pushes LME zinc price above $2,500/t; copper breaches $6,800/t

The three-month zinc price on the London Metal Exchange was trading firmly above nearby resistance levels during morning trading on Friday September 18 after 1,500 tonnes were freshly booked out of LME-registered warehouses in Vlissingen, while a steady dip in the dollar index helped LME copper break above the $6,800-per-tonne threshold.

The LME zinc price was recently trading at $2,542 per tonne, climbing by more than 1.2% from Thursday’s closing price of $2,514 per tonne, while turnover was moderate at just under 2,800 lots exchanged as of 10:15am London time. The cancellation of 1,500 tonnes of zinc from LME-registered warehouses in Vlissingen supported the price movement this morning, but on-warrant inventories in the region remain well-supplied at 17,300 deliverable tonnes. Yet total LME zinc stocks continue to trend lower over September, with deliverable stocks now standing at 206,150 tonnes...


Hassan Butt

September 18, 2020

09:55 GMT