Zinc Rises as Stockpiles at Three-Month Low
Zinc Rises as Stockpiles at Three-Month Low. Zinc in London rose for the third time in four days as the lowest inventories in three months fueled concern that supply is tightening. The metal gained as much as 0.8 percent. Inventories tracked by the London Metal Exchange dropped to 693,775 metric tons, the lowest since Aug. 8 and down 26 percent this year, according to bourse data yesterday. Refined zinc will be in deficit of 290,000 tons this year and 300,000 tons next year, Morgan Stanley estimates. Lower Chinese zinc production at a time of stronger demand growth is tightening global supply, the bank said in a report dated yesterday. Zinc for delivery in three months on the LME rose 0.2 percent to $2,248.50 a metric ton at 3:28 p.m. in Hong Kong. The metal has climbed 9.4 percent this year.