Zinc Enters Bull Market on Supply Shortfalls; Miners Advance
- Tighter supply and steel rally fuel recovery in zinc prices
- Zinc is the “brightest” of the London metals: Macquarie
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Zinc rallied to the highest since October, entering a bull market, after production cuts tightened global supplies. Copper advanced, helping push Freeport-McMoRan Inc. higher.
Zinc has soared more than 20 percent from a six-year low reached in January, after Glencore Plc and Nyrstar NV last year announced production cuts to cope with a slump in prices. The market will have a deficit of 440,000 metric tons this year, the most in more than a decade, according to Mitsui Mining & Smelting Co. Freeport led gains in the Standard & Poor’s 500 Index of equities as industrial metals climbed.