Zinc backwardation eases in LME ring trading, prices steady

Dec 20, 2011 | 09:09 AM |

Tightness in the tom-next zinc spread eased in trading on the London Metal Exchange on Tuesday after shorts settled outstanding positions with physical deliveries on to the exchange. Three-month zinc prices were steady at $1,853/54 per tonne on Tuesday, down $4/3 from Monday’s official price, but as official trading got underway the tom/next spread was trading at a $0.25 backwardation, compared to a $2 back earlier in the day. The cash-January spread was also easing after some 43,700 tonnes of zinc was....

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