The three-month price of zinc on the London Metal Exchange softened by a little less than 2% at the close of trading of Wednesday May 8, with continued inflows of material into LME-registered locations in European putting pressure on prices to move lower.
Volumes traded for the galvanizing metal were particularly high over the afternoon, with more than 12,900 lots changing hands by the close.The three-month price fell to a low of $2,643 per tonne over the afternoon, below the nearby $2,700 per tonne resistance level, while tightness in zinc's nearby spreads persisted, with cash/three-month recently seen in a backwardation of $102 per tonne.LME stock levels for on-warrant zinc material continued to push higher this week, with fresh inflows of more than 6,500 tonnes sent to Rotterdam warehouses on Wednesday morning, taking total stock levels in the region to a...