Base metals prices saw a mixed trading period in the international market, with zinc up but copper lower from July 15 to 22 this year, Peru’s Central Reserve Bank (BCR) reported.
During the said period, the price of zinc rose 3.6 percent to US$ 1.08, reaching its highest level since August 2011.
Indeed, zinc price recovery is due to the recent closure of mines and the tighter of market conditions, which resulted in a drawdown in global inventory levels of zinc.
On the other hand, the price of copper dropped 0.6 percent to US$ 3.20 per pound during the same period.
The recent decline in copper price was influenced by projections of high output and rising concerns on demand for this metal in China’s real estate sector.
As for gold, price remained almost unchanged, closing at US$ 1,310.3/troy ounce in the above-mentioned period.
Gold price was initially pulled down by investors’ profit-taking, but the trend reversed afterwards, due to concerns over geopolitical risks stemming from the crisis between Ukraine and Russia.
(END) JJN/RMB
Published: 7/27/2014