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
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