Zinc price highest since March as energy crunch threatens smelters.
350,900 tonnes of zinc in H1, 47,500 tonnes lower than H1 2021, mainly relating to the suspension of Portovesme’s zinc line in Q4 2021, due to high European power prices.
While risks to industrial-metals demand are mounting, Europe’s power crisis is also weighing heavily on the supply outlook, the company said. Zinc surged as much as 8.5%, the biggest intraday gain since March 8, finishing the day up 4.4% at $3,420, the strongest since June 28.“On the supply side, the current energy supply and price environment pose a significant threat, as Europe accounts for around 30% of ex-China metal production,” Glencore said in its half-year earnings report.
“Most fundamental indicators continue to point to tight market conditions, particularly in the West.”
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