Zinc Falls for Third Day as Surplus Seen in Quarter: LME Preview

Zinc dropped for a third day in London on speculation an oversupply of the metal is building with stockpiles up 3.9 percent this year in China, the world’s largest buyer. Barclays Plc is forecasting a surplus of 161,000 metric tons for the first quarter.

Market News:

-- The yen rebounded from an almost three-year low while Chinese

-- Barclays Plc, the second-largest U.K. lender by assets,

-- Bank of England officials will likely refrain from adding

-- India forecast the weakest economic growth in a decade as

-- One former Standard & Poor’s analyst who told his bosses that

-- The lowest reading in almost six years for a “fear gauge” of

Metals News:

-- Australia will impose temporary anti-dumping duties on galvanized and aluminum-coated galvanized steel sheets imported

-- Zinc slab production diverged from mine supply growth

-- Rio Tinto Group Chief Executive Officer Sam Walsh’s biggest test since taking over last month -- Mongolia’s call for more

Metals Prices:

-- Copper slipped almost 0.1 percent to $8,240 a metric at 7:10
a.m. on the London Metal Exchange. Relative strength index 59.
-- Aluminum fell 0.3 percent to $2,092.75 a ton. RSI 53.
-- Nickel gained almost 0.1 percent to $18,335 a ton. RSI 61.
-- Lead declined 0.3 percent to $2,414.50 a ton. RSI 58.
-- Tin was up 0.2 percent at $24,887 a ton. RSI 61.
-- Zinc dropped 0.7 percent to $2,152 a ton. RSI 62.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.69            0.0       -0.2
Crude Oil            $96.71            0.1        5.3
Gold              $1,679.49            0.1        0.2
MSCI World Index   1,408.56            0.0        5.2

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
UK Industrial Production             0.9%      0.3%      09:30
GE Industrial Production             0.2%      0.2%      11:00
UK BOE Announces Rates               0.5%      0.5%      12:00
EC ECB Announces Rates               0.75%     0.75%     12:45
US Initial Jobless Claims           360K      368K       13:30
CA Building Permits                  5.0%    -17.9%      13:30
US Consumer Credit                 $14.0B    $16.045B    20:00
Before it's here, it's on the Bloomberg Terminal.
LEARN MORE