The three-month zinc price on the London Metal Exchange was the top performer at the close of trading on Thursday June 18, with steady buying prompting its highest close since February, while copper futures consolidated above nearby support levels over the afternoon.
Zinc’s underlying price on the LME closed at $2,052 per tonne at 5pm London time, climbing from an intraday low of $2,012.50 per tonne, while turnover was moderate at just over 6,000 lots exchanged. Despite buying momentum, LME zinc’s forward curve narrowed slightly over the day, with the metal’s benchmark cash/three-month spread softening from a $9-per-tonne contango in the morning to recently trading in a $5.25-per-tonne contango. Yet while inflows of zinc into LME-registered warehouses remain a key feature of the complex, with the metal’s...
