Zinc prices continue their rally that began in early 2016, taking the metal’s price to a 10-year high and raising the cost of producing galvanized steel and other products. Zinc prices have managed to breach the psychological ceiling of $3,000 per metric ton, which stalled rallies in November 2016 and February 2017. Breaking this ceiling on heavy trading volume signals strength for zinc, reports MetalMiner.com.
Zinc prices have continued to increase this month, although the pace of the increases has slowed, said Lisa Reisman, executive editor of MetalMiner. The cash price for zinc on the LME as of Oct. 11 was $3,305 ($1.50 per pound). “Trading volumes still support the price uptrend. In other words, trading volumes remain strong, although we can expect some sideways movement or a pullback, as these price movements are common after sharp rallies.”
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