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Reuters reported that zinc hit its highest price in 16 months today on the back of figures showing an increasing deficit of the metal.
Reuters reported that zinc hit its highest price in 16 months today on the back of figures showing an increasing deficit of the metal. From January to April, the global zinc market was in a 107,000-tonne deficit, while from January to March it was just 17,000 tonnes.
As quoted in the market news:
Three-month zinc on the London Metal Exchange (LME) hit a high of $2,155 a tonne in heavy volume, the strongest since Feb. 20, 2013, before closing at $2,153, up 0.84 percent.
‘We are unambiguously positive in our outlook for zinc prices,’ said Nic Brown, head of commodities research at Natixis. ‘We continue to think that the zinc market will experience a substantial deficit in 2014.’