The three-month LME zinc price rose $215 to $3,825 a tonne on Friday, up 18 per cent on the week and is only about 4 per cent below its peak reached more than two weeks ago.
Matthew Hope, an analyst at the Sydney consulting company AME Minerals, told a zinc conference in London this week that the metal price could rise to $5,500 by the end of the year because of the lack of supply.
“The zinc price is vulnerable to limited resources,’’ said Mr Hope. LME zinc inventories have fallen about 40 per cent this year to a five-year low.
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