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LME zinc prices seen rising on potential supply deficit

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LME zinc prices seen rising on potential supply deficit

Zinc price rose to its highest level in over a year on theLondon Metal Exchange, as forecasts for a global shortage continue to buoy themetal's prices, Bloomberg News reported July 19.

LME inventories of the metal have fallen by 29% from September2015 highs as new home construction in the U.S. has climbed in June by the mostsince February this year, signaling an increase in the consumption of zinc.

Prices reached US$2,248 per tonne on July 19, and areexpected to reach US$2,500 in the next six months, Goldman Sachs Group Inc.said.

Zinc futures meanwhile, increased 1.1% to US$2,243 per tonnein the late afternoon on the LME on the same day.

Tyler Broda, an analyst at RBC Capital Markets in Londonsaid the supply situation is getting a bit tighter.

"There are still ample stocks, but we are seeing thesebeing drawn down."