3:24 PM
alphaadvisory
ZINC dropped for a thirdday in
London on speculation an oversupply is building with stockpiles
up 3.9 percent this year in China, the world’s largest buyer,
and as Barclays Plc forecast a surplus for the first quarter.
Zinc for delivery in three months fell as much as 1.1 percent to $2,144 a metric ton on the London Metal Exchange, before trading $2,148.25 at 3:55 p.m. in Beijing. Zinc for delivery in May fell 0.8 percent to close at 15,840 yuan ($2,541) a ton on the Shanghai Futures Exchange.
Zinc inventories monitored by the Shanghai Futures Exchange climbed 0.7 percent to 322,915 tons on Jan. 31, the highest level in six months, and will be updated tomorrow. Supply may exceed demand by 161,000 tons in the first quarter, compared with a surplus of 103,000 tons in the last three months of 2012, Barclays said in a report.
“Zinc and copper face similar weaknesses in immediate demand,” Fang Junfeng, an analyst at Shanghai Cifco Futures Co., said by phone from Shanghai. Most of China’s manufacturing and construction activities are slowing down for the week-long Lunar New Year holiday next week, and won’t resume to normalcy for about another month, Fang said.
On the LME, copper, aluminum, lead, nickel and tin also fell.
Zinc for delivery in three months fell as much as 1.1 percent to $2,144 a metric ton on the London Metal Exchange, before trading $2,148.25 at 3:55 p.m. in Beijing. Zinc for delivery in May fell 0.8 percent to close at 15,840 yuan ($2,541) a ton on the Shanghai Futures Exchange.
Zinc inventories monitored by the Shanghai Futures Exchange climbed 0.7 percent to 322,915 tons on Jan. 31, the highest level in six months, and will be updated tomorrow. Supply may exceed demand by 161,000 tons in the first quarter, compared with a surplus of 103,000 tons in the last three months of 2012, Barclays said in a report.
“Zinc and copper face similar weaknesses in immediate demand,” Fang Junfeng, an analyst at Shanghai Cifco Futures Co., said by phone from Shanghai. Most of China’s manufacturing and construction activities are slowing down for the week-long Lunar New Year holiday next week, and won’t resume to normalcy for about another month, Fang said.
On the LME, copper, aluminum, lead, nickel and tin also fell.
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