BASE METALS

Zinc: can cuts lead to contango?

Only 18 months ago, Morgan Stanley referred to zinc as “a slow moving bull story”. The US investment bank remained “constructive” on the metal due to delays with new mining projects and the shutting down of old ones, which could lead to substantial risks to medium-term demand being met. As of late, this bull has been pushed off-course.

Zinc smelting has been rising in China, despite lagging refined demand (Credit: ZIDCC)

Zinc smelting has been rising in China, despite lagging refined demand (Credit: ZIDCC)

After a 14% rise last year, the price has fallen some 25% year-to-date. While there was by no means a consensus view the galvanising metal would continue rising at the start of the year, in a metal market...

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