Zinc declines to 15 week low on Chinese industrial output
Post Date: 14 Mar 2013 Viewed: 352
Zinc prices fell to a 15 week low after industrial output posted the weakest start to a year since 2009 in China the world’s biggest user of industrial metals.
Production rose 9.9% in the two months ended February 28, trailing estimates by economists, and retail sales fell short of forecasts. Zinc dropped below its 200 day moving average and aluminum, lead and tin also declined in London. Nickel was higher.
Mr Edward Meir an analyst at INTL FCStone Inc said that Macro numbers out of China released on Friday and over the weekend did not seem to have impressed. The Chinese economy, while growing, does not seem to be delivering the upside momentum to metals that it once did.”
On the London Metal Exchange, zinc for delivery in 3 months dropped 0.7% to close at USD 1,960.5 per tonne. Earlier the price touched USD 1,928, the lowest since November 23.