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Zinc Has Longest Skid in 13 Months, Metals Drop on Ample Supply

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Nov. 7 (Bloomberg) -- Zinc prices posted the longest slump in 13 months, pacing declines by most industrial metals in London, amid ample supplies and sluggish economies in the U.S. and Europe.

U.S. consumer spending in the third quarter climbed at the slowest pace since 2011, and corporate investment fell, government figures showed today. The dollar rose against the euro after the European Central Bank cut its benchmark interest rate to a record to revive the economy.

“For the time being, it seems metals are stuck in listless territory, pressured lower by excess supply, a stronger dollar and perceptions that global growth, while improving, still does not seem strong enough to sop up the excesses seen in a number of base metals,” Edward Meir, an analyst at INTL FCStone in New York, said in a report.

Zinc for delivery in three months fell 0.7 percent to settle at $1,900.50 a metric ton at 5:50 p.m. on the London Metal Exchange. The metal dropped for the sixth straight session, the longest slump since mid-October 2012.

Nickel fell 0.8 percent to $14,000 a ton. Stockpiles tracked by the LME have surged 72 percent this year to a record. The price dropped for the sixth straight session, the longest slump in two months.

Lead, tin and aluminum also declined.

Copper rose 0.4 percent to $7,145 a ton ($3.24 a pound). The price has dropped 9.9 percent this year.

On the Comex in New York, copper futures for December delivery gained 0.4 percent to $3.2485 a pound. In June, inventories monitored by exchanges in the U.S., London and Shanghai rose to the highest since September 2003.

To contact the reporter on this story: Joe Richter in New York at jrichter1@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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