The three-month zinc price on the London Metal Exchange was higher during morning trading on Monday November 4, with price action keeping comfortably above the $2,500 per tonne support level due to high turnover and tight forward spreads.
Zinc's outright price on the LME was recently $2,529 per tonne, with more than 2,000 lots exchanged as of 9am London time. Fresh zinc outflow of 625 tonnes this morning has spurred the metal's price climb, with LME on-warrant material now at its lowest in over a decade at just 27,800 tonnes. Meanwhile, forward spreads in LME zinc remain in backwardation, with the metal's benchmark cash/three-month spread recently showing a $61 per...