LME base metals hit multi-week highs
Xinhua, October 10, 2015 Adjust font size:
The base metals prices on the London Metal Exchange (LME) hit multi-week highs on Friday.
Glencore said it will cut its annual zinc production by about 500,000 tonnes to preserve the value of its reserves until prices rebound. It will also trim lead production by some 100,000 tonnes.
LME Zinc jumped to its highest for around a month. The three-month unofficial zinc price was up 168 U.S. dollars, or 10.04 percent, to 1,841 U.S. dollars a tonne.
In other metals, the three-month unofficial copper price was up 180 U.S. dollars, or 3.51 percent, to 5,307.5 U.S. dollars per tonne. The three-month unofficial aluminium price rose 63.5 U.S. dollars, or 4.08 percent, to 1,621.5 U.S. dollars a tonne. The three-month unofficial lead price rose 92.5 U.S. dollars, or 5.56 percent, to 1,756.5 U.S. dollars a tonne.
Meanwhile, The three-month unofficial nickel price was up 417.5 U.S. dollars, or 4.11 percent, to 10,580 U.S. dollars a tonne. The three-month unofficial tin price was up 200 U.S. dollars, or 1.26 percent, to 16,125 U.S. dollars a tonne. Endit