The three-month zinc price on the London Metal Exchange topped gains at the close of trading on Wednesday September 4, appreciating by almost 5% to close at its highest level since August 5, while the copper outright price closed at a two-week high.
The three-month zinc contract ended the day's trading at $2,310 per tonne, closing above the nearby resistance level for the first time since early August, when price action fell from levels above $2,500 per tonne in July. With some 11,200 lots exchanged by today's close - just behind 12,300 lots exchanged at Tuesday's close, turnover in zinc has been high all week. Trading volumes for the galvanizing metal averaged below 10,000 lots per day for the bulk of August. Supporting higher zinc prices, the LME's zinc inventory continues to trend lower over 2019, with on-warrant material now at its...