Recently we wrote about how zinc and lead were struggling to rally. Just three weeks later, both these metals are testing new lows.
June was an even worse month for base metals but this pair fell particularly hard.
Zinc fell 9% in June, or 15% since May and just hit a 14-month low, driven by the bearish sentiment afflicting industrial metals.
Similarly, lead fell 7% in June and 16% since May, sending the metal near its lowest level in five years.
What This Means For Metal Buyers
Two of the best performers among base metals got hit hard and are now hovering now near multi-year lows. Meanwhile, other industrial metals are nosediving. Things are simply not looking good for metal producers this year…