Zinc, other base metals in backwardation

Dec 03, 2010 | 02:36 PM | Janie Davies

The cash to three-month zinc spread closed in a 50-cent backwardation in Friday's official trading on the London Metal Exchange as three of the six base metals saw their cash prices exceed their three-month prices.

Traders said they bought zinc in anticipation of the kind of tightness already seen in copper recently.

Three-month zinc closed the LME's second ring at $2,210.50 per tonne, with the cash price at $2,211 per tonne. But the spread had moved out to a $9 contango by the end of kerb trading.....

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