Zinc price soars to 7-year high
Globe and Mail Update
The three-month future price of zinc reached a seven-year high Friday on the London Metal Exchange as a result of Chinese smelter shutdowns.
The cash price of zinc traded at 58 cents (U.S.) a pound on the LME.
Zinc has lagged other base metals like copper and nickel. Zinc traded at 45 cents a pound in September.
The metal could average 59 cents a pound during 2005 as a result of mine supply shortages, Deutsche Bank also said in a report on Friday.
The shares of Teck Cominco Ltd. rose 15 cents (Canadian) to $36.25 on the Toronto Stock Exchange early Friday afternoon and the shares of Breakwater Resources Ltd. increased 5 cents to 65 cents a share.
Zhuzhou Smelter Group Co., China's biggest zinc producer, cut output by one-third because of power shortages. The company accounts for about 3 per cent of the world's output. Another zinc smelting group had also cut production recently because of power shortages. Staff and wires
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