Zinc nears $4,000 and on track for biggest monthly jump since January
XLB•Other base metals mixed
Aluminium CMAL3 was flat at $3,234.50, lead CMPB3 dipped 0.1% to $1,913, nickel CMNI3 nudged up 0.3% to $16,925 and tin CMSN3 edged up 0.1% to $55,425.
Shanghai zinc lags while copper also gains
In China, however, Shanghai Futures Exchange zinc SZNcv1 closed up only 0.1% on Friday, with stocks ZN-STX-SGH edging down from the previous week but still relatively high at 153,669 tons. Chinese zinc exports have in part eased fears of a shortage outside the country.
Meanwhile, LME copper CMCU3, where low inventories and warrant cancellations have also supported prices, gained 0.6% to $14,363 a ton. The metal was set for a ninth straight weekly gain and a monthly rise of around 4%.
SHFE copper stocks CU-STX-SGH plunged by 19.1% to 72,428 tons this week.
Zinc hits four-year high as LME stocks shrink
Zinc struck a four-year high near the $4,000 mark on Friday and was on course for its biggest monthly climb since January as available stocks on the London Metal Exchange shrank, renewing investor concerns over market tightness.
Benchmark three-month zinc CMZN3 on the London Metal Exchange was up 1.6% at $3,947 a metric ton as of 0900 GMT, after earlier touching $3,955, its highest since May 2022.
Zinc, used to galvanise steel, was poised for an 8.2% gain in August, which would mark its strongest month since the start of the year. It is up 3.2% this week and heading for a sixth straight weekly jump.
The LME is closed on Monday for the August bank holiday in Britain.
