Zinc Breaks Through $3,000 Barrier as Metals Rally Gathers Pace
- Aluminum advances on shutdowns as China Hongqiao confirms cuts
- Hedge fund manager Odey sounds alarm, saying China will slow
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Zinc surged above $3,000 a metric ton for the first time in almost a decade while aluminum approached a three-year high, adding momentum to a metals rally fueled by bets on tightening supplies and robust demand.
Zinc jumped as much as 5.8 percent to $3,132.50 a ton on the London Metal Exchange, the highest since 2007, before settling at $3,119 at 5:51 p.m. in London. Aluminum rose as much as 2.7 percent to the highest since September 2014, while nickel, copper and lead also advanced. The rally boosted mining shares, with Freeport-McMoRan Inc. among the biggest gainers.