Metal stockpiles shrink as energy prices hit production (US.TECK) (US.HBM) (US.HL)
Inventories of aluminium, copper, nickel and zinc â four of the main contracts traded on the London Metal Exchange â have plunged by as much as 70 per cent over the past year, as traders and big consumers have tapped warehouses for material.
In recent weeks the trend has been most pronounced in zinc, where prices rose 2.8 per cent on Tuesday to a 16-year high of almost $4,400 a tonne. The metal is used as a protective coating for steel in construction, cars and home appliances.
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