Zinc's three-month price on the London Metal Exchange was up by more than 2% at the close of trading on Monday June 24, settling at just under $2,500 per tonne. Just under 10,000 lots were exchanged.
Despite a slight uptick in zinc's three-month price, storage and financing costs for the metal remain sizable. Zinc's forward spreads on the LME remain tight, with the cash/three-month spread recently trading at $122 per tonne and nearby cash/July spreads trading at $60 per tonne. By contrast, LME stocks remain on a downtrend, suggesting a higher three-month price due to a lack of readily available material. On-warrant material...