Een bericht gevonden op Bloomberg Business van 22 feb. 2016
Tighter supply and steel rally fuel recovery in zinc prices
Zinc is the “brightest” of the London metals: Macquarie
Zinc rallied to the highest since October, entering a bull market, after production cuts tightened global supplies. Copper advanced, helping push Freeport-McMoRan Inc. higher.
Zinc has soared more than 20 percent from a six-year low reached in January, after Glencore Plc and Nyrstar NV last year announced production cuts to cope with a slump in prices. The market will have a deficit of 440,000 metric tons this year, the most in more than a decade, according to Mitsui Mining & Smelting Co. Freeport led gains in the Standard & Poor’s 500 Index of equities as industrial metals climbed.
“Zinc has one of the most favorable supply and demand balances,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a telephone interview. “It’s not surprising to see it outperform on the upside.”
Zinc added 2.1 percent to $1,781 a ton by 5:50 p.m. in London. That represents an increase of more than 20 percent from its Jan. 12 closing low, meeting the common definition of a bull market. The Bloomberg Industrial Metals Subindex rallied 2 percent.
Freeport shares climbed as much as 15 percent to $7.97 in New York, the highest since Dec. 3. Prices are up 16 percent this year, after plunging 71 percent in 2015. A gauge of 18 large global base metal producers rallied more than 8 percent to the highest since November.
Copper rose in London and New York, while aluminum and nickel also gained on the LME. Lead and tin fell.
Glencore climbed 12 percent in London to the highest since October, BHP Billiton Ltd. advanced more than 9 percent and Teck Resources Ltd. surged 16 percent.
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