• Aluminum prices hit highest level since July 2008
• Nyrstar cuts production by up to half at zinc smelters in EuropeZinc and aluminum prices hit new highs in the session on October 14 as the energy crisis caused production cuts by smelters.
The metal in Shanghai hit a nearly 14-year high, while London prices jumped more than 5% to a more than 3.5-year high after Nyrstar said it would reduce output by up to 50 percent. % at three zinc smelters in Europe because of rising electricity prices.
Electricity prices have hit record highs in recent weeks as shortages in Asia and Europe, with the crisis in China expected to last through the end of the year, could slow growth in the major economy. second in this world.
Zinc prices on the London Metal Exchange (LME) on October 14 rose 5.4 percent to $3,440 a tonne, the highest since March 2018, then closed at $3,405 a tonne.
The November 2021 zinc contract on the Shanghai Exchange closed up 1.5% to 24,000 yuan ($3,721.68) a tonne, the highest since November 2007.
The dollar index weakened, down 0.4% also supported metal prices.
Aluminum – the most sensitive base metal to electricity prices, was unchanged at $3,068 per tonne after hitting its highest level since July 2008 at $3,118.5 per ton.
London copper rose 2.2% to $9,673 a tonne and lead rose 1.7% to $2,248 a tonne while nickel fell 0.4% to $18,905 a tonne and tin fell 0 .2% to 36,400 USD/ton.
The three smelters in Nyrstar have reported total annual production of about 690,000 tonnes.
China’s zinc smelters have cut output several times in the past months, and they have revised down their output forecast by 80,000 tonnes from their previous forecast, said Beijing-based CRU analyst Dina Yu. in early 2021. Futures price list of some metals on the Shanghai Exchange (Unit: yuan/ton).
Type Name Tenor October 14 Difference from yesterday
Steel Price Delivered in January 2022 5,481 +7
Copper Price Delivered in November 2021 71,430 +1,280
Zinc price for November delivery 24,925 +1,125
Nickel Price Delivery November 2021 143,350 -1,090
Silver Price Delivery December 2021 4,863 +53
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