Outside China Backwardation Structure Remains Relatively Large, LME Zinc Rose to a Four-Year High [SMM Morning Meeting Summary]
[SMM Morning Meeting Summary: LME Zinc Backwardation Structure Remains Significant, Zinc Rises to a Four-Year High] Last Friday, LME zinc opened at $3,757/mt, briefly dipped to a low of $3,752/mt in early trading, then drifted higher throughout the session. During the night session, it touched a high of $3,840/mt. Although it pulled back slightly towards the end, it remained elevated and maintained a fluctuating trend, eventually closing up at $3,822.5/mt, gaining $74.5/mt or 1.99%. Trading volume increased to 16,686 lots, and open interest rose by 1,747 lots to 262,000 lots...