Zinc prices rose sharply due to concerns about supply
Zinc prices jumped to a two-month high on persistent worries about supply, while other industrial metals were also boosted by concerns about the impact of new anti-pandemic restrictions. Covid-19.
At the end of this session, the price of zinc for delivery in 3 months on the London Metal Exchange (LME) increased 3.3% to $ 3,539 / ton, the highest since October 21.
Naeem Aslam, head of market analysis at Ava Trade said: “School participants are looking at what the UK is doing and the fact that we don’t see any further anti-Covid-19 restrictions in the UK. Brother.”
“Also, we could see the supply bottleneck still there in the first quarter of next year,” Aslam said. This has led some traders to place bigger bets on that opportunity, pushing the price up.”
Oil prices rise as short of inventories
Ending the session, Brent oil gained 1.31 USD, or 1.8%, to 75.29 USD/barrel. U.S. West Texas Intermediate (WTI) oil rose $1.64, or 2.3%, to $72.76 a barrel.
U.S. oil inventories dropped more than expected, with crude inventories falling by 4.7 million barrels, although that was partly because companies weighed year-end taxes and did not stockpile as much crude.
“We’re seeing a drop in production and a drop in inventories, which has rekindled expectations in the market for a softening of Omicron’s impact,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. And that supports oil prices.”
Source: cafef.vn, 12/23/21
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