As L1 Capital defy investing logic once again, shades of 2014, and LME inventories rise a tad to over 500,000 tonnes again, it is heartening to see zinc rally to the extent is has in the past 60 days and the below commentary from: http://www.bloomberg.com/news/artic...ull-market-territory-as-metals-climb-on-china
o Tighter supply and steel rally fuel recovery in zinc prices
o Zinc is the “brightest” of the London metals: Macquarie
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.
“Zinc has one of the most favorable supply and demand balances,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a telephone interview. “It’s not surprising to see it outperform on the upside.”
Zinc added 2.1 percent to $1,781 a ton by 5:50 p.m. in London. That represents an increase of more than 20 percent from its Jan. 12 closing low, meeting the common definition of a bull market. The Bloomberg Industrial Metals Subindex rallied 2 percent.
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