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Premiums for physical metal in Europe have soared owing to zinc smelter cutbacks in the face of power prices that hit three-month highs on Tuesday.* The premium for cash LME zinc over the three-month contract spiked to $111 a tonne, its strongest since November last year and up from $14.30 a week ago, indicating short-term shortages of LME inventories.* Also supporting metals prices was a weaker dollar index , which makes commodities priced in the U.S.currency cheaper for buyers using other currencies.* Major tin exporter Indonesia is planning to raise the level of a royalty tariff imposed on the production of tin and bring in a progressive structure tied to international prices, a senior government official said on Tuesday.* LME copper added 0.3% to $9,006.50 a tonne, aluminium rose 0.1% to $2,530, nickel advanced 1% to $26,000 and tin climbed 0.6% to $30,995, but lead dipped 0.2% to $2,065.
The sources said at the time that Trafigura was bringing the metal from Asia to Europe to replace lost production at Belgium's Nyrstar , in which it has a majority stake.
"Today that's reflected in zinc, with the drawdowns from warehouses, shortages in the U.S.and Europe, and a deficit forecast for the year".
Article Details
Author / Journalist: The Star Online
Category: Economy
Topics: Zinc Stocks Malaysia Commodities Warehouses LME Withdrawing /Business/Business News
Source Website Secure: Yes (HTTPS)
News Sentiment: Negative
Fact Checked: Legitimate
Article Type: News Report
Published On: 2022-06-22, 00:23:00
News Timezone: GMT +8:00
News Source URL: thestar.com.my
Language: English
Reading Time: 3 minutes read
Article Length: 443 words
Coverage Area: Malaysia
Availability: Desktop Web, Mobile Web
News ID: 2476
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Main Topics: Economy
Official Website: thestar.com.my
Update Frequency: 36 posts per day
Year Established: 1971
Headquarters: Malaysia
News Last Updated: 2h ago
Coverage Areas: Malaysia
Ownership: Independent Company
Publication Timezone: GMT +8:00
News Language: English
RSS Feed: Available (XML)
Website Security: Secure (HTTPS)
Publisher ID: #22
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