Bloomberg reported that London Metal Exchange zinc for three-month delivery today reached a 35-month high of $2,318.50 per metric ton (MT). It ultimately closed at $2,282 per MT.
As quoted in the market news:
Zinc stockpiles monitored by the London Metal Exchange have dropped 29 percent this year to the lowest since December 2010. Auto sales in China climbed 14 percent in June, an industry group said yesterday. In the U.S., new-vehicle demand surged in May and June, Bloomberg Industries said.
‘Demand, particularly in the U.S., probably picked up,’ Patricia Mohr, a commodity market specialist at Scotiabank Group in Toronto, said in a telephone interview. ‘We’re seeing a bit of a recovery in industrial production in the U.S., largely linked to strong auto production. It’s probably reasonably good in China as well.’