Zinc's three-month price on the London Metal Exchange was higher during morning trading on Wednesday March 20, maintaining upward momentum above $2,800 per tonne amid slow zinc output in China.
Total LME zinc stocks remain at their lowest level since 2008 at 58,150 tonnes, with on-warrant material at 44,200 tonnes. The three-month price reached its highest level since July 2018 at just under $2,900 per tonne on March 15. LME data shows that there are now four dominant warrant holdings across 30-39% and 40-49% of tomorrow/next positions, 50-79% of cash positions and 80-89% of warrant holdings. Zinc's open interest on the LME has also climbed by 5,063 positions overnight, clocking its highest level since October 2018. Volumes over the morning have been strong at 3,249 lots...