Zinc remains the investor metal of choice, a point underlined by latest LME data showing zinc holdings beating all other LME metals
Zinc remains the investor metal of choice, a point underlined by latest LME data showing zinc holdings beating all other LME metals. Bloomberg has reported that money managers' long position in zinc came to 135,849 futures and options contracts, or 30% of total open interest as of 1 August, according to the Commitments of Traders report published on the LME's website. That compares with 24% for copper and 25% for aluminum. Money managers are net-long all six of the metals, which also include nickel, lead and tin. As we've previously discussed it's all about supply, with a host of the world's major zinc mines arriving at the end of their productive lives at the same time. (VIEW LINK)
Gavin has been a senior resources analyst following the mining and energy sectors for the past 25 years, working with Intersuisse and Fat Prophets. He is also the Executive Director, Mining & Metals with Independent Investment Research (IIR).