LONDON (Reuters) – London Metal Exchange (LME) climbed to its nearly 10-year high on Monday as speculative buying was expected for a serious shortage of supply this year, but technical could limit gains.
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London time on August 21 17:00 (Beijing time on August 22 00:00), three-month zinc closed up 0.1 percent at $ 3,125.5 per tonne, once hit the highest since October 2007 the highest price of $ 3,180.5 The
“There is a lot of buoyant buying in the market,” says Eugen Weinberg, an analyst at Commerzbank. “There may be price corrections, because price levels at these levels may mean that the closed capacity will recover.”
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“Weak demand and higher supply in the medium term mean that the current price level is difficult to maintain.”
International Lead and Zinc Research Group (ILZSG) said that the first half of this year, zinc market supply shortage of 203,000 tons, as of the end of June the total inventory of 1.16 million tons, lower than the end of March 135.5 million tons.
In a recent survey, analysts on average expected zinc city this year will be in short supply of 412,000 tons.
From a technical point of view, the price of zinc support at 2,900 US dollars, the first on the file resistance for the Fibonacci retracement 3,200 US dollars.
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Monday LME zinc stocks were 247,850 tonnes, down more than 40% from the beginning of the year. Cancellation of warehouse receipts close to 50%, also raised the LME market supply shortage concerns.
Concerns about tight supply in the market narrowed the spot zinc contract by more than three months of futures premium, from early April to more than $ 27 per ton narrowed to nearly $ 7.
Other metals, the three-month copper closed up 1.6% at $ 6,586 per tonne.
It is reported that the free port of Indonesia branch Grasberg mine is expected to resume output.
Three-month nickel closed up 3% at $ 11,315 a tonne, up from $ 11,355 in mid-December.
LME data show nickel out of the warehouse receipts rose sharply to 35%, nickel prices rose.
Concerns about nickel supply to the world’s largest nickel ore exporter – nickel prices in support of nickel prices this year. The same time as
Three-month aluminum closed 0.9% higher at $ 2,081 a tonne, and China’s environmental remediation boosted aluminum on the previous period at $ 2,112, the highest in September 2014.
Spot aluminum premiums were $ 9.50 per tonne on Wednesday. A month ago for the premium $ 26.
International Aluminum Association (IAI) data released on Monday, in addition to China, the global average daily production in July 70,100 tons of aluminum, flat in June. Excluding China, global aluminum production in July was 2,373,000 tonnes, up from 210.2 million tonnes in June.
China’s daily production of aluminum in July fell to 86,600 tons, in June to 97,700 tons.
Three-month lead fell 0.6% to $ 2,348.
Three-month tin closed up 1.3% at $ 20,500 a tonne.
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