The three-month price of zinc on the London Metal Exchange was higher at the close of trading on Thursday March 5, breaching nearby resistance at the $2,000 per tonne level, while tin recorded its first close above $17,000 per tonne since January 24.
Zinc's outright price on the LME closed at $2,011 per tonne on Thursday afternoon, while just over 9,000 lots were traded over the day. This was a moderately high daily turnover level for zinc but also the lowest since February 21.The galvanizing metal's underlying price struggled on Wednesday, losing just under 2% and closing at $1,987.50 per tonne, its lowest level since July 2016. Despite this, zinc futures recovered yesterday's losses over Thursday, reaching an intraday high of $2,041.50 per tonne.This came amid a persistent contango in zinc's benchmark cash/three-month spread, which recently traded at $19.50 per tonne...