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Zinc’s three-month price continued to trade below $3,000 per tonne – levels last seen in August 2017.
The metal’s downward trend reached a low of $2,972 per tonne in the morning session, with 4,962 lots traded as at 10 am London time – the highest across the complex.
Zinc’s price sentiment remains shaken after more than 60,000 tonnes of the metal was shipped to Antwerp’s LME-listed warehouse last week.
“We could be seeing a delayed reaction to last week’s deliveries into Antwerp. The metal’s chart picture seems bearish, and if key support levels are broken, we could see a flurry of downward movement for zinc,” Robin Bhar, head of metals research at Socgen, told Metal Bulletin.
Aluminium’s three-month price maintained broad strength over the morning, climbing back over the $2,300-per-tonne mark despite heightened volatility throughout April.
The light metal’s cash/three-month spread is currently in a backwardation of $1 per tonne, compared with a $1 per tonne contango on Monday.
“Metals have been weaker with Chinese selling in the last few days. Trade tension worries are still there even with the US and China currently talking. The dollar has been much stronger, and all of those factors see metals under a bit of pressure,” Bhar added.
“I would think prices should hold around here, we could see them drop a bit lower, but I don’t think they’ll stay down for too long,” he concluded.
Elsewhere in the complex, nickel’s three-month price is steadily consolidating around $14,000 per tonne.
Nickel prices experienced a downward spike towards $13,500 per tonne after a sizeable inflow of more than 11,000 tonnes – the largest single delivery this year – was shipped into Singapore’s LME-listed warehouse.
Copper’s three-month price continues to find support while geopolitical tensions soften, consolidating around the $6,800-per-tonne mark.
The red metal’s bullish outlook is continuing to support upward swings towards $7,000 per tonne.
Talks between the United States and China are currently underway, with key cabinet members travelling to Beijing in hopes of resolving trade disputes.
Tin’s three-month price is keeping steady above $21,200 per tonne.
Export worries over the Indonesian government’s decision to suspend the issuing of new export licenses continue to hinder any significant upward swings.
The metal’s cash/three-month spread is in a backwardation of $136 per tonne, moving back from $121 per tonne at Thursday’s close. Base metals mostly higher; zinc, tin drop
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