Zinc Climbs to Fresh 35-month High of $2,325.50 per MT

Bloomberg reported that zinc reached a fresh 35-month high “as inventories extended a slump amid signs of higher demand.” London Metal Exchange stockpiles are down 29 percent this year and are currently at their lowest level since 2010.

As quoted in the market news:

‘We’re seeing declining stockpiles help provide support for zinc,’ Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview. ‘That may be an indication of rising demand.’

Zinc for delivery in three months rose 0.2 percent to settle at $2,307 a ton at 5:51 p.m. on the LME. Earlier, the price touched $2,325.50, the highest since Aug. 5, 2011. Stockpiles dropped for the 11th straight session to 659,975 tons.

Click here to read the full Bloomberg report.