The three-month zinc price on the London Metal Exchange was higher during morning trading on Wednesday December 4, with its price action bolstered by the fresh cancelation of 2,325 tonnes in addition to a narrowing of the metal's benchmark cash/three-month spread backwardation.
Zinc's outright price on the LME was recently seen trading at $2,240 per tonne, a gain of $38 per tonne against Tuesday's closing price of $2,202 per tonne. Turnover was also high during the morning, with some 3,600 lots exchanged as of 9:30am London time. This morning's fresh cancelation in zinc took place predominantly out of LME-registered warehouses in New Orleans, a location that once held more than 90% of LME zinc inventories. In...