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TITLE  LME zinc price and US physical market on opposing courses
WRITER   administrator DATE   2009-05-11 09:40:49
LME zinc price and US physical market on opposing courses
10 May 2009


Platts reported that the US physical zinc market and zinc's financial side or its price on the London Metal Exchange is a study in contrasts at the moment, with the base metal's LME price currently going through the roof, closing at USD 1,551 per pound, while in the spot market, there's still barely a ripple.

Platts price assessment for special high grade zinc was unchanged this week at 2.75 cents plus LME cash, while the price for Alloy number 3 held its position at 15.75 cents plus LME cash. And while some zinc players say they are taking advantage of the soaring LME price to add more to their base selling price, they are also finding there's a downside.

An alloy player told Platts that "I sold one truckload at 16 cents this week. The buyer's not a great pay, but we trust him, he needs me and I need him."

Another trader said that "I haven't heard of anything over three cents. I have nothing new to report. The Far East is still taking deliveries of a tremendous amount of zinc but, the North American market is still very quiet, especially from the steel side of the business."

He added that "I just have to believe that every day that goes by, pent-up demand is just building and building, and at some point, these guys at the big steel companies are going to say, Ok let's turn the on switches."

Resourced from Platts
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