Citigroup sees zinc to stay at USD 1,060 a ton
Citigroup, a major American financial services company, said the London Metal Exchange's (LME) zinc average price to be USD 1,060 per ton in the next 2 years. The New York - based company also expects that market demand to remain weak until second half year of 2010, and that the over supply quantity might rise further.
The zinc production was reduced by more than 1 million tons in 2009, said Citigroup. However, once the zinc market price starts to rebound, the increasing zinc production quantity may limit the amount that the zinc price will rise.
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