- Base metals surged again as the global energy shortage continues to hit supplies, fueling pressure on manufacturers and piling concerns about persistently high inflation.
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What the Front Line of U.S. Zinc began to spike after leading producer Glencore Plc said it was cutting production at three EU plants because of surging power prices as much as 6.3% to a 14 -year high. Aluminum - a particularly energy intensive metal - has increased 62% this year. Copper expanded gains beyond $10,000 a ton, after sharp drops in warehouse inventories indicated an increasingly critical global supply squeeze.
The gains come on Friday after the rally around the benchmark index of six base metals on the London Metal Exchange rose to an all-time peak on Thursday. Zinc is on track for a weekly record 18% increase as Chinese smelters joined European plants in curtailing output due to a power crisis.
Some producers are grappling with electric outages, while others are cut output as the surge in energy costs outpaces the rally in metals markets. The combination of high energy costs and a wider advance in commodities in 2014 is fanning concerns that inflation risks may linger for longer than previously expected, clouding the outlook for policy makers and threatening a recovery in the global economy.
Glencore Zinc cuts followed an announcement earlier this week that Nyrstar - another big producer - would reduce the output at three European smelters by up to 50% because of rising power prices and costs associated with carbon emissions. Meanwhile, Matalco Inc. the largest U.S. producer of aluminum billet, is warning customers it could end output and ration deliveries as soon as possible due to a magnesium shortage.
Copper is set for the largest weekly gain since 2016 and is in a widening backwardation as global inventories shrink due to demand recovery and pandemic-driven disruptions. Rio Tinto said Friday that the start of its Covid project in Mongolia has been delayed by at least three months after ongoing restrictions on progress hampered by the conditions in Mongolia.
Copper rose 1.9% to join $10,174 on the LME. Nickel advanced 2.6%. The Shanghai aluminum futures closed in another record keeping region at a record.
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