Zinc, a metal used to rustproof steel in products from cars to building materials, has surrendered all of the gains made since Glencore, the miner-cum-trader, stunned the market with plans to cut a third of its annual production.
Glencore’s move last month sparked a broad-based rally in metals prices, driving up the price of zinc by more than 12 per cent on the London Metal Exchange to $1,881 a tonne. But the price has fallen back and stands at $1,675.
Other base metals such as copper, nickel, and aluminium have also given up recent advances.
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