LME three-month zinc hit a near three-year low of $2,215 per metric ton in May.
LME zinc price stocks and spreadsSQUEEZE DRAWS OUT HIDDEN METALThe trigger for the current spate of arrivals in the LME warehouse system appears to have been a sharp contraction in short-dated time-spreads earlier this month.
If so, the game is on in Singapore, which has accounted for all the recent arrivals bar 1,000 metric tons at Malaysia's Port Klang.
A total 31,500 metric tons of zinc were warranted in the city in July along with 5,125 metric tons of lead and 625 metric tons of tin.
In the interim, there is plenty of potential for more metal to head towards LME storage sheds.
Persons:
Ilya Naymushin, Kirsten Donovan
Organizations:
REUTERS, London Metal Exchange, Citibank, Low, Study, Reuters, Thomson
Locations:
Angara, Novoangars, Russia, Singapore, Malaysia's Port Klang ., East Asia, China, Europe, Ireland