The metal remains a firm favourite of many analysts on account of stocks reaching critically low levels, with UBS saying earlier this month that a supply squeeze could be expected in the second half of the year.

Australian companies enjoying the ride today included Perilya Mines, which was up 14.5c to $1.88 in midday trade and Kagara Zinc, which, like many of its peers in recent times, hit an all time high of $2.95 during morning trade.

Elsewhere Zinifex was off 3c at $7.55, while budding miner Terramin was down 1.5c at 78c and Jabiru Metals was up 0.5c to 27c.

Meantime Teck Cominco is re-doing the numbers at its Lennard Shelf project – closed by administrators back in 2003 – in Western Australia. While it is unknown what zinc price the big Canadian is using this round, it’s understood that the last time the project was looked at it was with a US60c/lb metal price.