LONDON (MarketWatch) – London Metal Exchange (LME) Zinc has hit its biggest weekly increase since November last year, as zinc prices have reached the highest level in nearly a decade.
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London aluminum and copper have also closed near highs this week; nickel hit a high since March, after a wave of speculative buying, due to the world’s largest metal consumer – China’s strong demand.
London time on August 18 17:00 (Beijing time on August 19 00:00), three-month zinc closed up 2% higher at $ 3,124 per tonne, hit a decade high of $ 3,150 per tonne. This week rose 7.9%.
“The weakening of several data from China this week will not have a material impact on demand issues, and the supply of industrial metals is generally tight,” said Nitesh Shah, strategist at ETF Securities.
Prices are likely to rise further, at least until the end of the year, China’s demand will remain solid, Shah said.
China’s housing prices slowed in July, but the construction boom continued to support economic growth. The International Monetary Fund (IMF) raised its short-term growth forecast this week.
Traders said the price hike triggered the default buy order, speculative funds across the board to buy several kinds of industrial metals, but profit-taking and manufacturers sold long-term contracts to limit gains.
Indicators aluminum fell 0.7 percent at $ 2,062, but still close to Thursday’s high of $ 2,112, the highest since September 2014. This week rose 0.98%, due to China is expected to reduce production capacity.
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There was no deal at the close of the index copper, and the final buy price fell 0.1 percent to $ 6,485 a tonne, reaching the top $ 6,580 since November 2014. Rose 1.1% this week.
International Copper Research Group (ICSG) in the latest monthly report said that in May this year, the global refined copper market 45,000 tons of supply gap in April for the shortage of 84,000 tons.
In the first five months of this year, the supply of excess copper was 14,000 tonnes, with a shortage of 282,000 tonnes for the same period last year.
Three-month nickel climbed 2.4 percent to $ 10,980, the highest intraday high of $ 11,055 since March 7.
Three-month lead fell 2.2% to $ 2,361.50.
Three-month tin settled 0.2% higher at $ 20,240 per tonne.
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