The London Metal Exchange zinc price continued to increase over morning trading on Wednesday June 5 following another cancellation of 16,475 tonnes.
This followed yesterday's cancellation of 15,050 tonnes, which means that 40% of the LME's total zinc stock - at 99,775 tonnes - has been marked for delivery as of today. The sudden cancellation of warrants prompted a zinc price rally, taking the pressure off the long-position holding. The LME three-month price is at $2,490.50 per tonne as of writing, up by $19 per tonne against yesterday's 5pm...