Zinc prices on the London Metal Exchange fell by more than 3% at the close of trading on Wednesday July 4, with the absence of US trading expediting a broad downtick in metals prices.
The continuation of growing trade concerns has facilitated market inactivity, and in turn, a broad decline in the complex, while a pullback in global equity markets and a fall in the Chinese yuan has added to bearish sentiment across commodities. Falling 3.2% over the afternoon to a daily low of $2,687.50 per tonne, zinc prices are at their lowest since June 2017. Continuing to be hindered by a deep backwardation in the nearby spreads, zinc's cash/three-month spread remains in a backwardtion of $52.75 per tonne, easing from $61b per tonne last week. "Short-term sentiment remains bearish amid expectations of rebounding mine supply and because recent stock arrivals have gone a long way to negate the implied tightness in the underlying fundamentals," Metal...