Zinc Backwardation Widest Since 1997 With Inventories Lowest Level in Over 25 Years

More turmoil in the metals markets, backwardation in zinc stretched to the widest since 1997. That is the premium for spot zinc over futures spiked on Thursday to the 25 plus levels. The move comes from a supply squeeze after inventories slumped this week to the lowest level in at least 25 years. It was only three months ago an unprecedented short squeeze occurred in the nickel market, the LME said it’s monitoring the situation closely. LME suspended nickel trading … Continue reading “Zinc Backwardation Widest Since 1997 With Inventories Lowest Level in Over 25 Years”