Mine Strike in Peru Boosts Zinc Price

Bloomberg reported that zinc in London is set to make its biggest gain in over a week. Pushing the metal up is positive economic data from China and the US, as well as a mine strike in Peru, the world’s second-largest zinc producer.

As quoted in the market news:

Workers went on strike today at the Antamina mine, Peru’s biggest producer of zinc and copper, demanding bigger bonuses after their profit sharing was cut this year because of reduced output and lower prices, according to the company. The mine is owned by BHP Billiton Plc, Glencore Plc, Teck Resources Ltd. and Mitsubishi Corp., according to the project website.

Zinc for delivery in three months gained 1 percent to $2,268 a metric ton at 3:53 p.m. on the London Metal Exchange, up for a third straight session and headed for the biggest gain since Oct. 29. Stockpiles monitored by the LME fell 0.3 percent to 693,775 tons, the lowest since Aug. 8, exchange data show.

Click here to read the full Bloomberg report.