Available zinc inventories in registered warehouses of the London Metal Exchange (LME) more than halved this week, but supplies could be replenished from China, where stocks have been rising, analysts said.
LME zinc inventories have been eroding this year, evidence of supply problems in Europe and the United States as smelters reduce output, a contrast to the more plentiful picture in China.
A scramble to access available material sent the spread between LME cash zinc and the three month contract soaring to a three-year high of $148.60 a tonne on Wednesday from only $14.30 last week.and others in the face of power prices that hit three-month highs on Tuesday. In China, weaker demand due to an economic slowdown and COVID-19 lockdowns has lead to rising inventories, which may help rebalance the global picture.
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