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Zinc Rallies to Highest Since 2011 on Supply-Demand Balance

July 8, 2014 at 18:34 by Vladimir Vyun

Zinc prices rallied to the highest level since 2011 on speculations that demand for the metal will increase, while inventories are shrinking. Car sales jumped 14 percent last month in China, meaning higher consumption of the metal used in car-making. There were signs that auto sales in the United States also grew.

Higher demand for zinc made inventories tracked by the London Metal Exchange shrink 29 percent to the lowest level since 2010. Specialists say that there is already a deficit of the metal. The supply-demand balance may also lead to shortage of other industrial metals.

Contract for delivery of zinc in three months rallied 0.8 percent to $2,282 per metric ton on LME today.

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