The three-month zinc price on the London Metal Exchange settled at a two-month high at the close of trading on Wednesday January 8, climbing by just under 2% and breaching the $2,400-per-tonne resistance level against the highest daily trading volumes since September 2019.
Zinc's outright price on the LME closed at $2,403 per tonne, its highest closing price since November 13, while daily turnover breached 12,000 lots by the close for the first time since September. LME zinc stocks remain low at some 50,175 tonnes total, prompting the uptick in price action, with some 41,750 tonnes on-warrant, down from just under 48,000 tonnes at the start of December. Despite this, forward spreads in LME zinc remain inverted, with the metal's benchmark cash/three-month spread trading in a backwardation since...