Base metals were broadly lower on the London Metal Exchange during morning trading on Thursday April 26, with zinc prices continuing to fall after a 20,000-tonne delivery into Antwerp.
The metal's three-month price hit a low of $3,083.50 per tonne, drifting closer to the 2018 low of $3,070 per tonne.The inflow is in addition to Wednesday's 30,000-tonne delivery into Antwerp, which was the largest single delivery since 2013. Total stocks for Antwerp are now at 50,000 tonnes - the most since January 2014 - significantly altering the stock picture for zinc. New Orleans held 99.4% of total on-warrant zinc stock on Tuesday, that figure is now down to 76.4%. "Zinc stocks have climbed 9%, which could be the reason for this morning's moves. There's a tight fundamental situation there, with inventories low on a historical basis," Geordie Wilkes, head of research at Sucden Financial, told Metal Bulletin. "We could be seeing increasing clarity with off-warrant stocks, but with the metal not performing...