The London Metal Exchange three-month zinc price increased during morning trading on Tuesday July 30, making a steady approach toward $2,500 per tonne amid broadly low turnover and continued US dollar strength.
Volumes traded in the galvanizing metal were moderate as of 8:55am, but led a broadly lackluster complex with 2,200 lots exchanged. Reaching an intra-morning high of $2,488 per tonne, zinc's futures price returned to levels reached earlier this month, appreciating by over 5% from the July 9 low of $2,355 per tonne. Zinc's forward spreads are now exhibiting tightness, with the cash/three-month spread trading in a backwardation of $17.50 per tonne, after trading in a small contango of $3.25 per tonne last...