London Metal Exchange zinc took out its 2020 high of $2,900 per tonne on Monday February 22 morning due to the complex being in rally mode, which has pushed all forward prices to set new multi-year highs.
"The fact that all the base metals are forging ahead this morning...supports our view that the markets are focused on the nearby Covid-19 recovery. The upturn is also supported by the huge underlying long-term electrification theme," Fastmarkets head of base metals and battery research William Adams said."Nonetheless, we should expect dips along the way and rising bond yields may be a trigger for some to pause for thought," Adams added.The yield on US 10-year Treasury notes reached as high as 1.39% in the early hours of Monday, up from 1.31% a week ago. LME zinc's three-month price rose...