Zinc prices on the London Metal Exchange settled at their lowest in nine months at the close of trading on Wednesday June 20, while copper prices continued to edge lower on a surging US dollar index.
Closing below $3,000 per tonne for the first time since August 2017, zinc prices fell to a low of $2,981 per tonne over the afternoon, shedding more than 6% of its three-month price week on week. The metal's sluggish demand, buoyed by high treatment charges, and abundant inventory that contains less than 3% of material off-warrant, is piling pressure on zinc's three-month price.Tightness in zinc's nearby spreads is also contributing to the metal's price dip, with its cash/three-month spread last in a backwardation of $41 per tonne, narrowing from a contango of $2.75 per tonne at the end of May. Elsewhere, copper prices continued to drift further from $7,000 per...