Publication Navigation

Site Navigation

Zinc surges after snowstorm

Zinc surges after snowstorm
Publishing Date
16 Nov 2009 12:52pm GMT
Author
Mining Journal

Zinc climbed to the highest level in more than 17 months in Shanghai on speculation China’s worst snowstorms in decades may have disrupted supplies in the world’s largest producer and consumer of the metal.

China’s heaviest snowfalls in 60 years killed at least 19 people, flattened homes and left thousands stranded in central and northern provinces, according to government estimates. Bad weather 20 months ago caused power outages and halted output at some of the country’s largest metal producers and processors.

"Some producers in Henan province may be facing delivery problems," said Jiang Donglin, research department manager at Shenzhen Zhongjin Lingnan Nonfemet Co. "The situation is nowhere as bad as last February. We’re not hearing about halts in production."

Shanghai zinc for February delivery on the Shanghai Futures Exchange gained as much as 2.5% to Yu17,750/t (US$2,600/t), the highest since May 28, 2008. It ended the day at Yu17,505/t. Zinc for delivery in three months in London gained as much as 2.7% to US$2,232/t.

"It’s a short-term spike as speculators jump in to try and make a quick buck," said Jiang. "Supplies aren’t tight at the moment."

Stockpiles of zinc in Shanghai warehouses stood at 161,704t last week, the most since the exchange started trading zinc futures in April 2007.

(Bloomberg, November 16)



More News By Subject

Comments

There are no comments for this article. Be the first to comment below.

You must be logged in to comment.


-->

Site Search

Log in
Latest Issue: MJ 03/02/12
mj-03-feb-2012.jpg


 

PROFESSIONAL PLACEMENTS
Professional Placements

Professional PlacementsGeologists- Senior and Junior Positions

Gryphon Minerals is aggressively growing its world class Banfora Gold Project in Burkina Faso, West Africa.

Professional PlacementsMining and Metals Opportunities - Hatch

Mining and Metals Opportunities in London and Globally: Senior and junior roles.

Professional PlacementsMinerals Geoscientist Vacancy - Neftex

Do you want to help develop the world’s most detailed commercially-available 4D Earth Model to support the mining majors?

Professional PlacementsOpportunities for Senior & Principal Level Consultants - SRK

Professionals needed for central Moscow office.

Professional Placements: SchlumbergerSenior Hydrogeologist - Schlumberger

We need you in Australia or Canada

Professional Placements: Geologist - Condor ResourcesMining Journalist: Vancouver

Mining Journal is looking to employ a full-time member of staff in British Columbia