Rebound falters The LME nearby spreads have eased, with the cash/three-month backwardation quoted at $25 per tonne basis evening evaluations on Friday, July 6, from $52.5 per tonne the previous week. The easing of the backwardation suggests less short-covering, which...
Amid volatility across the base metals, zinc staged a modest end-of-week rebound on Friday, closing up 2.2% or $58 on the day, after the dip to a one-year low of $2,667 per tonne on Thursday seemed a step too far. But while the complex as a whole is in a steadier mood at the start of this week, LME zinc prices have bucked the trend, with the current chart figuration suggesting overhead selling pressure remains ahead of $2,800 per tonne
Limited short-covering
Receive a free sample of market analysis and price forecasts.
Free SampleReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon as its published.
Subscribe