Zinc's three-month price on the London Metal Exchange was subdued at the close of trading on Wednesday June 19, drifting below the nearby $2,500-per-tonne support level after steady inflows and dwindling demand continue to pressure the galvanizing metal's outright price.
Additionally, the metal's cash/three-month spread remains in a sizable backwardation - recently at $116.50 per tonne - placing the metal's cash price closer to $2,600 per tonne, while total zinc stocks on the LME move either side of the 100,000-tonne mark amid volatile supply flows. Around 1,000 tonnes of zinc has been removed from LME-registered warehouses this week after total zinc stocks had increased by some 2,500 tonnes in early June, while on-warrant material ticked higher to 65,275 tonnes from 58,975 tonnes...