London zinc prices extended gains to a sixth straight session on Thursday, as worries about supply disruptions kept prices elevated.
Three-month zinc on the London Metal Exchange advanced 1.9 percent to $3,290 a ton, and the most-traded October zinc contract on the Shanghai Futures Exchange rose 0.5 percent to 24,930 yuan ($3,578.81) a ton.
About half of the European Union’s aluminum and zinc production capacity “has already been forced offline due to the power crisis”, industry association Eurometaux said.
LME aluminum rose 2.1 percent to $2,317 a ton, tin gained 1.5 percent to $21,500 a ton and copper advanced 0.7 percent to $7,859 a ton.
ShFEaluminum increased 1.3 percent to 18,905 yuan a ton, tin jumped 2.6 percent to 179,000 yuan a ton, copper was up 0.3 percent to 62,700 yuan a ton and nickel advanced 0.9 percent to 191,500 yuan a ton.
Prospects of better demand from the real estate sector also lifted sentiment, after property giant China Evergrande Group announced it would restart frozen construction projects, and on hopes of more supportive policies in China.
The property sector consumes a vast amount of metals.
Producers of energy-intensive aluminum in Yunnan province will continue operating with 10 percent less power, with no sign of when restrictions implemented this week will be lifted, officials at two producers said. — Reuters
