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London zinc steady at more than 8 month high

Metal News - Published on Fri, 15 Mar 2019

Image Source: Business Recorder
Reuters reported that London zinc prices hit their highest in more than eight months on Wednesday, as investors worried about ultra-tight stocks of the metal used to galvanise steel. Zinc stocks in London Metal Exchange-registered warehouses currently stand at 59,200 tonnes, their lowest since October2007.

Standard Chartered said in a note that prices "have moved higher on the potential for supply disruptions and very low inventory levels.”

Floods in Australia's Queensland state last month have disrupted rail delivery of zinc exports to the northern port of Townsville, affecting miners, including Glencore, MMG Ltd and South 32.

Townsville port ships about 40 percent of Australia's zinc production, equal to about 700,000 tonnes a year or 5 percent of global supply.

LME ZINC: Three-month LME zinc rose as much as 0.4 percent to USD 2,848.50, its highest since July 2, and was up 0.1 percent at USD 2,840, matching the previous session's high, as of 0708 GMT.

SHFE ZINC: The most-traded May zinc contract on the Shanghai Futures Exchange climbed as much as 2.5 percent to 21,980 yuan (USD 3,277.91) a tonne, the highest since April 2, 2018, before closing up 2 percent.

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Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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