Zinc set to rise, lead fall in '06 Mitsui Bussan
Oct 28, 2005 | 06:27 PM
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Zinc is unlikely to exceed $1,550 a tonne on the London Metal Exchange for any prolonged period despite forecasts for a third deficit year in 2006, according to a recent report by Mitsui Bussan Commodities Ltd., London.
Full-year 2005 prices were forecast at $1,350 for three-month metal, with full-year 2006 forecasts pegged 10.7 percent higher at $1,494 a tonne. Quarterly prices will peak in the second quarter of 2006 at $1,540 a tonne, Mitsui Bussan said. All forecasts are up from the 2004 average of $1,064 a tonne.
Worldwide demand is being driven largely by China, which became a net importer of refined zinc in 2004-the same year the refined world market balance swung to the negative, it said.....
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