LME zinc stocks dip for 13th day in row
May 01, 2013 | 12:51 PM
| Mark Burton
LONDON London Metal Exchange zinc stocks fell for the 13th consecutive day May 1 as a drawdown continued in New Orleans, Antwerp, Belgium, and Johor, Malaysia, where there are large queues to take out metal.
The withdrawal of 6,300 tonnes of zinc from those locations put total LME zinc stocks at 1.06 million tonnes, down 13.5 percent from a year-to-date high in January and the lowest level since October.
The recent withdrawals have taken zinc stocks down from the 19-year highs hit late last year when inventories surged in Antwerp and New Orleans and rose more modestly elsewhere.
Queues to withdraw metal from Antwerp, Detroit, Johor and New Orleans, where 90 percent of LME zinc stocks are stored, have limited the impact of rising stocks on the practical availability of metal for end users, or the premiums they pay for it. ....
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