June 2012 | Base Metals
Chinese smelter cuts are tightening the market: Zinc - Market Analysis
ILZSG data suggests that the monthly surplus has shrunk as the year has progressed. This reflects smelter cutbacks in China brought about by the lower prices recently. Prices remain range-bound and may have bottomed. There is scale-up selling interest, but sellers seem unprepared to chase prices lower as there seems to be good underlying support too
Stocks continue to climb at a fast pace
Last week a net 10,325 tonnes of zinc went into LME warehouses, as withdrawals totalling 11,675 tonnes outpaced inflows of 22,000 tonnes. The outflow continues to come from the same locations, with the bulk leaving from New Orleans and Rotterdam, while smaller cargoes have regularly left Chicago and Toledo. Large deliveries into warehouse were...
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