- Stockpiles tracked by LME warehouses down for 13th session
- Demand for zinc, lead seen growing amid deficits: Dragosits
Zinc climbed to the highest since October and lead advanced amid signs of tightening supplies.
Stockpiles of zinc at warehouses tracked by the London Metal Exchange fell for a 13th straight session. Lead inventories fell for an eighth session, taking this year’s decline to 4.1 percent. Tokyo-based Toho Zinc Co. said Monday that it plans to cut ore production at its Endeavor mine in Australia, which produces metals including zinc and lead.
Zinc and lead “have the better supply deficit argument, with deficits in both of those metals,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a telephone interview. “Demand is still growing, and we don’t have the replacements on the mine side for zinc and lead.”
Zinc for delivery in three months climbed 2.7 percent to settle at $1,723 a metric ton at 5:51 p.m. on the LME, after touching $1,739, the highest since Oct. 29. Lead advanced as much as 3.2 percent.
- Aluminum, nickel and tin gained on LME, while copper slipped in London and New York.