Copper edges higher, zinc prices gain; check details
Metals space has seen a rebound especially after the US dollar index has come off its 19-week highs. The market is also waiting for the US non-farm payroll data which will come on Friday.
Metals space has seen a rebound especially after the US dollar index has come off its highs. The market is also waiting for the US non-farm payroll data which will come on Friday.
Copper has edged higher and is trading close to those 10-year highs. This comes in on the back of Chile approving earlier stages of proposal to nationalize the copper industry. This would mean that much of the copper would be consumed within the domestic market, the export on how much would that be hampered is something that seems to be supporting the copper prices.
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Zinc has also seen gains coming in on the back of smelter closures, high energy prices seem to be impacting it here. There is also premium for the physical delivery of zinc which is at record highs right now and European output as of now is down by 260,000 tonne, much of this comes in from Nyrstar which has put the Auby smelter in France on maintenance and the other is Glencore which has closed a plant there as well.
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