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Zinc is giving its biggest one day rally in also 4 years, which as of latest data from London Metal Exchange (LME) is trading at 1778, up close to 7.5% so far today.
This rally came in the back of the news that Glencore will cut production little more than third of its annual.
- Glencore announced that it will reduce production 500,000 tons, across its operations in Australia, South America and Kazakhstan. Glencore is world's largest Zinc miner. This would immediately result in production cuts of 100,000 tons in fourth quarter. Glencore produces little above 1.5 million tons of Zinc in a year, as of now.
Miners all around the world, especially zinc miners are all up around the world as this massive cuts in production likely to lead to halt in price slide for Zinc, even if it doesn't lead to recovery.
