The three-month zinc price on the London Metal Exchange was lower at the close of trading on Tuesday September 24, dipping below the $2,300-per-tonne support level despite falling exchange stocks, while aluminium futures closed at their lowest level since September 3.
Zinc futures closed at $2,282 per tonne this afternoon, also settling at their lowest level since September 3 against a broad weakening in the base metals complex, with turnover in the galvanizing metal thin over the day and around 7,500 lots exchanged by the close. Open interest in LME zinc has narrowed significantly over September, with some 21,405 positions liquidating and total open interest in the metal now below 300,000 positions for the first time since February. Similarly deterring spot business, zinc's forward...