The gap between supply and demand reached 121,000 tons for zinc, against 191,000 tons last year for the same period. The extraction is increasing in most producing countries, especially India, Ireland, Russia and Mexico. Consumption has meanwhile increased by 1.4% worldwide, despite a decline of 8.2% in Europe following the economic downturn.
On the London Metal Exchange, copper for delivery in three months rose 6.1 percent to close at $8,145 a metric ton ($3.69 a pound) at 6:32 p.m. This week, the commodity has jumped 14 percent, poised for the biggest increase since Bloomberg data starts in April 1986.
Copper futures for December delivery advanced 5.8 percent to $3.692 a pound on the Comex in New York. This month, the price has surged 17 percent, heading for the largest gain since March 2009.
Commodities snapped a four-day winning streak, led by declines in silver and copper, on speculation the Federal Reserve may end its bond-buying program and as China was said to be tightening its credit policy.
Copper for three-month delivery dropped as much as 3.3 percent, the most since March 9. Futures caught up with losses in New York and Shanghai after the London exchange resumed trading today after a two-day holiday. Zinc fell as much as 4.7 percent to $2,249 a ton, also the most since March 9.
The Standard & Poor’s GSCI Index of 24 raw materials lost as much as 0.9 percent to 745.49, the biggest intraday loss since April 19. The index was 0.2 percent lower at 751.12 at 12:47 p.m. London time. Silver fell as much as 5.4 percent and copper slumped 2.5 percent.
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