Zinc - Market trends and analysis

摘要

The rise in stocks on the LME in the second half of January led to some weakness in the cash to three-month spread. It widened to a $18/tonne contango, but it has since returned to the $13/tonne level. What is interesting is that nearby metal remains in very few hands, with between 50% and 79% of the warrants, ‘tom’ positions and cash positions held by just one entity.