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Zinc price up as owners of zinc in Malaysian warehouses wanted to withdraw some of it from available stocks

The Star Business LogoThe Star Business1 mo ago

Zinc price up as owners of zinc in Malaysian warehouses wanted to withdraw some of it from available stocks

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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".


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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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About The Star Business

The Star Business Logo

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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