Zinc at 16-month high, eyes best week this year London zinc futures climbed to their highest in 16 months on Friday and were set to post their biggest weekly gain this year, boosted by falling global supply. * Three-month zinc on the London Metal Exchange hit a high of $2,162.25 per tonne, its highest level since Feb. 20, 2013. It was up 0.4 percent at $2,161 by 0102 GMT and has gained 3.5 percent for the week. * Global zinc demand outpaced supply by 107,000 tonnes in January to April, up sharply from a deficit of 17,000 tonnes in January-March, data from Lisbon-based International Lead and Zinc Study Group showed on Monday. * Zinc stocks on LME warehouses have been falling this year hitting 674,375 tonnes on Wednesday, the lowest since late 2010 . While lead stocks were similarly low, prices have not risen as sharply. * The difference appears to be that participants are still engaged with zinc, while lead remains in the shadows with prices remaining rangebound. The resulting lack of volatility in lead is in turn seeing participants look for metals with a more of a story or with some technical momentum at least, with lead falling even further out of favor, Standard Bank said in a note. * LME copper edged up 0.2 percent to $6,736 a tonne, and up more than 1 percent for the week, its first weekly gain in four. * The most-traded August copper contract on the Shanghai Futures Exchange gained 0.4 percent to 48,270 yuan ($7,800) a tonne. * Bauxite producers are delaying plans to build alumina refineries in Indonesia due to legal uncertainty over a mineral ore export ban imposed five months ago, government and industry officials said. * The global nickel market surplus was 2,000 tonnes in April, compared with a surplus of 9,000 tonnes in the same month last year.
Posted on: Fri, 20 Jun 2014 06:15:21 +0000
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