Zinc jumps 7% on supply losses in China
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Zinc prices jumped more than 7 per cent on Tuesday, boosted by supply losses from China after a strong earthquake hit the country, traders and analysts said. Zinc for three-month delivery on the London Metal Exchange jumped to $2,340 a tonne the highest since April 17. It was at $2,320/2,340 a tonne at 1021 GMT, up $142 or 6.5 per cent from Monday's close at $2,178.
SUPPLY THREATS
Traders and analysts said copper was higher on the back of short-covering and supported by threats of industrial action, however a strong dollar capped gains.Copper rose as high as $8,335 a tonne and was last quoted at $8,320/8,340 a tonne from $8,265 on Monday. ''Copper's been influenced by the dollar for a while and it's still continuing,'' an LME trader said. Possible strike action, on the other hand, offers support. Chile's Supreme Court on Monday ruled that state copper mining giant Codelco does not have to hire thousands of subcontract miners into its full-time ranks and union leaders warned another strike has not been ruled out. Three-months aluminium was at $2,930/2,935, up $2 from Monday's close. Tin was at $24,800/25,000 a tonne, slightly below its all-time high of $25,000 hit on Monday and $100 below its close of $24,900/24,950. Three-months lead gained $55 to $2,300/2,315 per tonne while nickel was flat at $26,550.
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Source : Business Line |
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