zinc on the London Stock Exchange rose in price due to reports of a fire in Buryatia – Kommersant
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Zinc prices rose sharply on the London Metal Exchange (LME) amid concerns about supply disruptions from Russia. According to Reuters, the price of metal for delivery in three months during trading on the LME reached its peak since October 2 – $2,612.
Previously, at one of the facilities of the Ozernaya Mining Company in Buryatia happened fire. Amalgamated Metal Trading’s Dan Smith, a Reuters source, said the operation would become “one of the largest zinc mines in the world.”
On August 16, the London Metal Exchange reacted to the cessation of work at one of Europe’s largest zinc production plants, Budel, with the price jumping by 7%. On November 1, Nyrstar, which owns the Budel plants, announced the closure of two zinc mines in the United States. According to Reuters, jumps in zinc prices are caused by a decrease in metal reserves on the LME – they have halved since the beginning of September.
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