Zinc hits new high on declining inventories

In the metals market, gold added $8 by late in the day in London, to $606.20/$607.20 per troy ounce after hitting $610 per troy ounce earlier. Among base metals, zinc managed a new record high, trading at $4,190 per tonne on the London Metal Exchange after inventories in LME warehouses dropped 1,850 tonnes during the day to 108,950 tonnes, about four day’s global consumption. At the end of last year, inventories stood at 400,000 tonnes. Aluminium reached its highest price in five months when it climbed to $2,834 per tonne, while lead traded around its record high of $1,600 per tonne. Copper, meanwhile, fell $100 to $7,372 per tonne.