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| Commodity News |
| HeadLine : |
Zinc touches seven-week high as Iran-U.S. fears ease |
| Date : |
Jan 9 2020 |
Selling on stock markets paused on hopes that the United States would stop short of strong retaliation for Iran’s attack on U.S.-led forces in Iraq. Three month zinc was the top performer on the London Metal Exchange, gaining 2.2% to $2,397 a tonne, the highest since Nov. 15.Zinc inventories in LME-registered warehouses have tumbled by 61% over the past 12 months to 50,175 tonnes, the lowest since Nov. 8, according to LME data. LME copper added 0.4% to $6,176 a tonne, recovering after earlier sinking into the red when news emerged of the Iranian strikes. The copper price is unlikely to rebound in 2020 even if Sino-U.S. trade tensions subside, the head of Chile mining trade union Sonami said.
Source : CNBC
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