May 2012 | Steel Raw Materials
LME stocks edge higher, but focus falls on cancelled warrants: Zinc Highlights
Given the scale of the stock overhang, the pace of Chinese mine supply growth, and an unconvincing demand outlook, we see little reason to be bullish on zinc.
LME stocks climbed a net 2,800 tonnes last week, to reach 913,365 tonnes. Earlier on in the week stock flows were low, but they picked up on Friday when 1,250 tonnes left the system and 4,325 tonnes moved into Detroit and Johor. However, activity in cancelled warrants was...
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