The three-month zinc price on the London Metal Exchange was the best performer at the close of trading on Wednesday May 6, with turnover at its highest since March 27, while the galvanizing metal continued a steady approach toward the $2,000 per tonne resistance level.
Zinc's outright price on the LME closed at $1,975 per tonne on Wednesday afternoon, its highest closing price since March 11, rallying from an intraday low of $1,920.50 per tonne.Since early March, total open interest in LME zinc has fallen from just over 315,000 total positions to the current level of 272,963 open positions.Yet the higher three-month price in LME zinc remained broadly incongruous with climbing stocks on the exchange, with total on-warrant LME stocks now at 91,000 tonnes,...