The three-month zinc price on the London Metal Exchange was higher at the close of trading on Wednesday December 4, with upward movement in the price of the galvanizing metal supported by strong turnover, while nickel futures took a divergent path over the afternoon in a 1.6% sell-off.
Zinc's underlying price on the LME closed at $2,245 per tonne in the afternoon, gaining just under 2% from Tuesday's closing price of $2,202 per tonne.Turnover in zinc has averaged daily volumes of around 10,000 lots this week, exceeding a 7,000 lot per day average in the previous week.Forward spreads in zinc narrowed over the morning, with the metal's cash/three-month spread shrinking to an $11 per tonne backwardation. They have since widened...