Business

METALS-Zinc Prices Extend Gains on Supply Risks and Dwindling Inventories


April 13 (Reuters)Zinc prices rose for a fourth session on Wednesday after a drop in output from the main Chinese producer and production cuts in Europe due to record power prices raised concerns about supply shortages amid low stocks.

China’s refined zinc output fell on a yearly and monthly basis in March as the COVID-19 outbreak disrupted raw material transportation, state-backed research house Antaike said.

FUNDAMENTALS

* Three-month zinc on the London Metal Exchange CMZN3 was up 1.1% at $4,425 a tonne, as of 0218 GMT, the highest since April 4.

* The most traded zinc contract in May on the Shanghai Futures Exchange SZNcv1 jumped 2.9% to 28,310 yuan ($4,447.20) a ton, its highest level since March 8.

* STOCKS: Zinc stocks in LME registered warehouses MZNSTX-TOTAL at 120,825 tonnes are the lowest since June 2020 and down more than 40% since December.

* COPPER: Uganda said on Tuesday it was inviting investors to express their interest in restarting a vast copper mine in the west of the country which also holds significant cobalt deposits.

* Chinese exports rose 13.4% in yuan terms in January-March from a year earlier, while imports rose 7.5%, according to customs data released on Wednesday.

* DOLLAR: The US dollar index .DXY hovered near May 2020 highs after digesting slightly weaker than expected US inflation data. USD/

* For top metal stories and other news, click TOP/MTL or MET/L

MARKET NEWS

* Asian stocks rose on Wednesday, boosted by US inflation figures that were better than markets’ worst expectations, causing US yields to pause their advance, although Chinese and Hong Kong stocks remained below the COVID-19 pressure. MKTS/GLOB

DATA/EVENTS (GMT)

0300 China Trade Data March

0600 United Kingdom CPI YY March

LME Copper RATES 3 months CMCU3

Most active copper ShFE SCFcv1

Three Month LME Aluminum CMAL3

Most Active ShFE Aluminum SAFcv1

Three-Month LME Zinc CMZN3

Zinc ShFE most active SZNcv1

Three-month LME advance CMPB3

Lead ShFE most active SPBcv1

Nickel LME three months CMNI3

Most Active Nickel ShFE SNIcv1

Three Month LME Box CMSN3 Most active ShFE tin SSNcv1

ARBS

LMESHFCUc3

LMESHFALc3

LMESHFZNc3

LMESHFPBc3

LMESHFNIc3

($1 = 6.3726 yuan)

($1 = 6.3658 Chinese Yuan)

(Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips)

(([email protected]; In US +1 651 848 5832, Outside US +91 8067493865; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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