LIVE FUTURES REPORT 10/01: LME base metals prices consolidate in mixed trading but zinc falls 1.2%

Zinc came under pressure on the London Metal Exchange in morning trading on Thursday January 10, shrugging off continued market optimism about recent US-China trade talks.

The three-month zinc price fell 1.2%, ignoring the continued drawdown of LME inventories - only 109,025 tonnes are now on-warrant. Additionally, the metal’s cash/three-month spread remains in a backwardation of $21.50, narrowing from $77 per tonne on Wednesday and down from its widest backwardation in more than 10 years at $124 per tonne in early December. Copper’s three-month price consolidated lower but remains around $6,000 per tonne. Volumes were unexceptional -around 3,500 lots had changed hands as of 10:02am London time. The three-month aluminium price continues to trade below $1,900 per tonne despite news that the US House of Representatives has requested...


Hassan Butt

January 10, 2019

10:43 GMT