The Wall Street Journal reported that on Friday, London Metal Exchange (LME) zinc for delivery in three months jumped $24, or 1.1 percent, hitting $2,177 per metric ton. For the week, the base metal gained 4.3 percent.
As quoted in the market news:
The amount of zinc held in the LME’s global warehouse network fell to a 3½-year low of 674,375 metric tons on Thursday. While the stockpiles increased by 1,900 tons on Friday, the amount of zinc in LME storage is still down 28% this year.
‘That decline in stocks is helping to drive zinc higher, no question about it,’ said Michael Turek, senior director of metals with Newedge in New York. ‘In the meantime, demand is quite good in the U.S., and Europe isn’t the basket case we expected it to be.’