THE MARKET

摘要

Increasingly bearish fundamentals took their toll on the zinc price over the month of March. The LME cash price declined from $2125.50 (US96c/lb) to $2003 (US91c/lb). The most striking statistic has undoubtedly been the rise in stocks from 867,550 tonnes to a peak of 899,000 on March 29th – the highest level since 1995. While some of this material is tied up in financing deals in New Orleans warehouses, this is still nowhere near as acute as in the aluminium market. Equally concerning is the rise of stocks in China to 384,000 tonnes, close to all time highs.