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    market news

    Zinc Climbs to $2,413 per MT Amidst “Genuine Supply Concerns”

    Charlotte McLeod
    Jul. 25, 2014 04:03PM PST
    Base Metals Investing

    Bloomberg reported that London Metal Exchange zinc for three-month delivery today reached $2,413 per metric ton (MT), its highest price since August 4, 2011. It later settled at $2,390 per MT.

    Bloomberg reported that London Metal Exchange zinc for three-month delivery today reached $2,413 per metric ton (MT), its highest price since August 4, 2011. It later settled at $2,390 per MT.

    As quoted in the market news:

    Zinc inventories monitored by the London Metal Exchange have tumbled 30 percent this year to 653,900 metric tons, the lowest since December 2010. Goldman Sachs Group Inc. forecasts a global production deficit will widen to 154,000 metric tons next year.

    ‘There’s some genuine supply concerns,’ Rob Kurzatkowski, a senior commodity analyst at optionsXpress, a Chicago-based brokerage unit of Charles Schwab Corp., said in a telephone interview. ‘The decline in LME inventories has been extremely sharp. We can easily reach sub-500,000 tons by the end of the year, which should be a significant supply squeeze.’

    Click here to read the full Bloomberg report.

    zinc inventorieslondon metal exchange zincmarket news
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