High-flying zinc shrugs off European smelter restarts [Reuters]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Reuters
The company, controlled by global trade house Trafigura, said improved market conditions and the reinstatement of a Dutch energy cost assistance scheme will allow the plant to restart , albeit not at full annual capacity of 315,000 metric tons. It is the second European smelter to come out of care and maintenance this year after Glencore its 165,000-ton-per year Nordenham smelter in Germany in February. The zinc market seems to have taken the news in its stride. London Metal Exchange (LME) three-month metal hit a 13-month high of $2,974 per ton on Tuesday. It is currently trading just shy of that level at $2,880. Zinc is being buoyed by the broader flow of investment money into the base metals sector. But the zinc narrative has also changed with focus shifting from smelter constraints to mine supply issues. ILZSG assessment of zinc market balances TIGHTER THAN EXPECTED MARKET Smelter treatment charges this year, signalling a squeeze on the availability of mined concentrat
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