The three-month zinc price on the London Metal Exchange dropped during morning trading on Friday May 15, with the price continuing to trend lower against tight forward spreads and weak demand, while a large inflow and fresh cancellation in aluminium did little to budge the metal's rangebound price.
Zinc's underlying price on the LME was recently seen at $1,946.50 per tonne, down from an intra-morning high of $1,975 per tonne, while turnover was average at some 1,600 lots exchanged as of 10:15am London time.Poor demand, broad risk-aversion in the commodities sector and a tight forward curve have pressured the galvanizing metal's outright price below the $2,000-per-tonne threshold, while the International Lead & Zinc Study Group (ILZSG) recorded a 188,000-tonne surplus in the first...