Base metals rev up

DESPITE a downwards revision in global growth, base metals had a mostly positive session on Wednesday.

Base metals rev up Base metals rev up Base metals rev up Base metals rev up Base metals rev up

IMF economic counsellor and director of the research department Maurice Obstfeld

Nickel jumped by 3.5% to a three-week high of US$12,933 per tonne after LME Week participants voted it as the metal with the most upside.

Copper and zinc each gained more than 2%.

Yesterday morning, the International Lead Zinc Study Group released its latest forecasts for 2018 and 2019.

Global demand for refined lead is expected to rise by 0.2% this year and 0.7% next year, while supply is expected to drop by 0.4% this year before jumping by 4.1% next year. The group has revised its 2018 forecast deficit up from 17,000 tonnes to 123,000t, but expects a 50,000t surplus next year.

Zinc demand is forecast to rise by 0.4% this year and 1.1% next year, with supply expected to grow by 2% in 2018 and 6.4% in 2019. A deficit of 322,000t is expected this year, ...