Zinc gains 1.8 percent on prediction
by Brian Turner
New geopolitical tensions triggered by North Korea’s claimed nuclear test had an effect on the metals markets Monday, with gold adding 0.4 percent to $575.80 per troy ounce. The gain in the price of gold led other precious metals higher. Silver gained 2.4 percent to $11.36 per troy ounce, while palladium was 1.4 percent higher to $300 per troy ounce and platinum advanced 0.8 percent to $1,082 per troy ounce as volumes were up after last week’s holiday in China.
Base metals were mixed on the session. Copper was 0.4 percent higher to $7,492 per tonne, while zinc added 1.8 percent to $3,655 per tonne on a prediction of a market deficit both this year and next by the International Lead and Zinc Study Group. Lead was slightly weaker, trading at $1,412 per tonne, while nickel dropped 0.2 percent to $29,450 per tonne after going as high as $30,250 per tonne earlier in the session, a new record.
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