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Wednesday, April 9, 2014
Zinc Rises to One-Month High on IMF Outlook for Economy
Zinc prices advanced to a four-week high on speculation that global economic gains forecast by the International Monetary Fund will spur demand for the metal amid declining supplies.
Stronger U.S. growth this year and next will help the world economy withstand weaker recoveries in emerging markets including Brazil and Russia, the IMF said today in a report. Refined supplies will fall short of consumption by 117,000 metric tons this year, the International Lead & Zinc Study Group said on April 3.
“All these reports could do is remind people that the fundamentals are decent and demand isn’t bad,”Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview. “Some people are reversing their short positions,” or bets on price declines, he said.
Inventories tracked by the LME have dropped 28 percent in the past 12 months.