Base metals on the rise

ZINC was the big mover on the London Metal Exchange this week, rising by 2.3% to $US2288 per tonne.

Nickel and lead each rose by more than 1%, while aluminium dropped 0.3%.

Copper rose by 0.3% as the International Copper Study Group said data indicated a year-to-date refined copper production deficit of around 306,000 tonnes, or 227,000t seasonally adjusted, compared with 54,000t for the same period of 2015.

The ICSG estimated that China's bonded stocks were up by roughly 155,000t in the first half of the year, indicating a production deficit of 151,000t compared to a surplus of around 16,000t for the same period of last year.

In softer commodities, cocoa increased $US8.25 per tonne or 0.29% to $2898.77/t on Wednesday from $2890.52/t in the previous trading session, tradingeconomics.com reported. Cocoa rose 0.70% during the last week, was down 4.68% during the last month and down 12.56% during the last year. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.

Coffee increased 1.86c per pound or 1.22% to 154.45c/lb on Wednesday from 152.59c/lb in the previous trading session, tradingeconomics.com reported. Coffee rose 5.63% during the last week, and was up 4.89% during the last month and up overall 32.92% during the last year. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50/lb in October of 2001.

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