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More turmoil in the metals markets, backwardation in zinc stretched to the widest since 1997. That is the premium for spot zinc over futures spiked on
[See the full post at: Zinc Backwardation Widest Since 1997 With Inventories Lowest Level in Over 25 Years]Zinc Surges as Trafigura-Owned Smelter to Halt Production
The Budel smelter in the Netherlands — which has the capacity to produce 315,000 tons of zinc per year — will be placed on care and maintenance, Nyrstar NV said in a statement on Tuesday.
https://finance.yahoo.com/news/zinc-surges-trafigura-owned-smelter-094442458.html
Zinc Rally Gains Momentum
Zinc futurestrading around $3,200 a tonne, recovering further from an over one-year low of $2,800 reached in late September, amid growing concerns about tight supplies after the London Metal Exchange signaled that it would restrict supplies from Russia.
Markets were already tight as European smelters have been cutting back production amid soaring power prices.
According to Europe’s metals trade association Eurometaux, half of Europe’s aluminum and zinc production capacity has already been forced offline as the continent’s energy crisis threatens to hobble heavy industries.
Still, Zinc is down almost 30% since its April peak amid worries of a recession-induced demand downturn.
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