The London Metal Exchange three-month zinc price declined during morning trading on Tuesday June 23 on poor United States home sales figures and US-China trade concerns, while continued stock drawdowns in copper pushed the metal's price higher.
LME zinc's outright price was recently at $2,051 per tonne, falling from a morning high of $2,088 per tonne, while turnover was at more than 4,000 lots as of 9:50am London time. While stock moves were minimal in LME zinc on Tuesday morning, on-warrant material has climbed incrementally since the start of the month, pushing to a total of 118,100 deliverable tonnes, from just 80,150 tonnes at the start of the month. LME zinc's forward curve held in a small contango over the morning, with the metal's benchmark cash/three-month spread recently trading in a $2.50-per-tonne contango. US home sales figures were at their lowest level in more than nine years on Monday, which dampened sentiment amid market expectations...