Current low zinc inventories will be price-supportive in the near term with the market seen holding a $3,000 a metric ton to $3,500/ton range over the next year, says Goldman Sachs. "Given the low level of current inventories, however, we believe that further downside will likely be limited," Goldman notes. Zinc prices have eased on the restart of previously idled mine capacity in response to high prices, which has pushed the market into a surplus that looks likely to persist, Goldman adds. LME zinc is last at $3,165/ton, -2% overnight.
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