BHP Billiton‘s CEO called for more free trade and zinc has been quietly building in New Orleans.
Mackenzie Supports Free Trade
Issuing what he described as a “call to arms” to global business, Andrew Mackenzie, chief executive of BHP Billiton, said he was concerned that non-tariff barriers to trade had grown since the 2008 financial crisis while finance and insurance had become more “insular.”
What’s With All the Zinc in New Orleans?
The latest stocks report from the London Metal Exchange showed another 26,600 metric tons of zinc being warranted at the port of New Orleans.
That brings the cumulative inflow to a massive 228,225 metric tons since the start of August.
The deluge of metal has transformed the LME zinc stocks landscape, Reuters’ Andy Home writes. The total hit a low point of 426,875 mt on Aug. 6, at which stage exchange stocks were down by almost 264,000 mt, or 38%, on the start of the year. As of today that year-to-date decline has been slashed to just 73,500 mt.
Moreover, open tonnage of 553,075 mt is now at the highest level since December last year.