Zinc - Market trends and analysis

摘要

Stocks were little changed last week, LME cancelled warrants continue to edge lower, prices were fairly flat and the spreads were stable. Arguably the most notable development was a sharp drop in LME open interest, from 234,222 lots on Monday to 218,768 lots on Thursday. This represents an acceleration of the downtrend we have discussed previously and which we attribute to the closing of stale short positions. Overall, zinc looked like a market struggling for direction last week.