Zinc prices rose in the fourth session as supply concerns arose as production fell in China amid already low stocks and record high energy prices in Europe. Zinc prices hit their highest level since July 2007. Nickel prices, on the other hand, rose close to 8 percent due to supply concerns.
State-backed research organization Antaike reported that China's refined zinc production fell on both an annual and monthly basis in March as the Covid-19 outbreak disrupted raw material transport.
Zinc for May delivery on the Shanghai Futures Exchange rose 4.5 percent to 28,750 yuan/tonne ($4,516.32).
Zinc prices are also on the rise in London
Three-month zinc on the London Metal Exchange was trading at $4,500/tonne, up 2.8 percent after hitting its highest level since March 8 at $4,512.50/t.
Nickel on ShFE traded at 218,440 yuan/t, up 6.7 percent after hitting the highest level since March 31 in early trading.
In the LME, copper rose 0.5 percent to $10,307/t. Aluminum rose 1.2 percent in the LME.
Comments
No comment yet.