A brief overview of zinc price developments, supply and demand, and significant market movers
Zinc prices on the London Metals Exchange (LME) have continued to track higher on an improving balance between the global demand and supply. The price fell slightly this week, down to US $2,008.75/tonne by mid-day Thursday, but remained up almost nine percent since the beginning of the year when prices were at $1,845/tonne.
Initial news of a zinc price rebalancing occurred at the beginning of the year when prices gained more than $300/tonne on fears that upcoming mine closures will leave markets under-supplied and incapable of dealing with developing world growth.
But despite recent gains, zinc prices are still down more than 14 percent in the last year on growing warehouse stockpiles which hit a 17 year high in April with over 900,000 tonnes in storage.
Bloomberg described current zinc price dynamics as backwardation, when near-date deliveries are more expensive than later date deliveries reflecting concerns about short-term supply. Currently, there is a rush to hold zinc due to the perceived value the metal can offer once mines begin closing by late 2013.
“There is so much metal around that warehouses believe that there is value in filling up” their space, London-based trader Andrew Silver of Natixis Commodity Markets Ltd., told Bloomberg.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1779.67 | +16.05 | |
Silver | 20.23 | +0.24 | |
Copper | 3.45 | -0.02 | |
Palladium | 2059.00 | +64.00 | |
Platinum | 912.00 | +15.00 | |
Oil | 91.45 | +0.79 | |
Heating Oil | 3.45 | +0.03 | |
Natural Gas | 8.33 | +0.07 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured Base Metals Stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.