Apparently there was 40,000t (dumped by Glencore trading that came from XStrata) in New Orleans not 60 but it looked to me more like 60. Hopefully a hurricane wipes it out...
Anyway, I guess the difference is that they are paying an extra $1600 per day to store 40,000t x 365 = $584,000 pa
They'll need to sell it for at least an extra 4c/lb by year end to cover costs.
Some 30,000-40,000 tonnes of Asturiana zinc is set to be delivered into stores in New Orleans to tighten supply in the European market, sources told Metal Bulletin.
There were reports that the Xstrata material, marketed by Glencore, has left port in Spain and will arrive in the USA imminently. “I’m aware of the zinc; it’s on its way and will arrive quite soon, I think. It’s similar to last time – material shipped straight from Asturiana,” a category I trader told Metal Bulletin. “They want to keep a hold on the European market, so they ship it somewhere it can’t be used,” he added.
KZL Price at posting:
25.5¢ Sentiment: LT Buy Disclosure: Held
