Outlook mixed for base metals at PDAC
Mar 04, 2013 | 01:47 PM
| Daniel Fitzgerald
Tags
zinc,
PDAC,
Canada,
Macquarie,
Duncan Hobbs,
Full Metal Zinc,
Michael Williams copper,
nickel
lead
TORONTO — Zinc and nickel prices are likely to trend down in 2013 as global supply exceeds demand, according to an analyst at Macquarie Capital Securities Ltd., even as one zinc mining company claims the zinc price could skyrocket as high as $1.70 per pound within a few years due to a lack of new zinc projects.
Macquarie analyst Duncan Hobbs told the Prospectors and Developers Association of Canada (PDAC) Convention in Toronto on March 3 that the zinc market is suffering from “oversupply,” keeping the global market under pressure.
“There’s too much metal, there’s too much concentrate,” Hobbs said. “We’ve heard time and time again that zinc markets will be tight over the next few years, but we feel there are enough projects in the pipeline to meet any increase in demand.” ....
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