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Traders are pushing metals to their lowest levels not seen since financial crisis. Base metal sector is taking heavy hit today as investors keep on shorting commodities. Red metal Copper, which is often seen as barometer for global growth has fallen 2.5% today trading at $2.33/pound.
Zinc has taken similar dive as price in London Metal Exchange drops to lowest in almost 5 years.
China consumes more than 40% of world zinc production and prospect of further slowdown is creating havoc in the market.
China itself is the largest producer of Zinc, followed by Peru, Australia, United States and Canada. With price plunging expect further slowdown in the sector.
BHP Billiton's share prices are likely to face further plunge as it is the largest Zinc producing company in the world.
As of latest data, Zinc is trading at $1633/ton in LME.
