IGO suspends annual dividends from Tianqi JV amid market downturn
The JV experienced a build in lithium hydroxide inventory at Kwinana over recent months.
Reuters reports that zinc prices ended May slightly firmer, recovering from an early rout but the prospect of a sizeable supply surplus this year and next will continue to weigh on the market, especially if other metals weaken. Ms Claire Hassall of consultancy CHR Metals said that market watchers were concerned about weakness in the Chinese economy. The general feeling is that demand is not particularly strong in China at the moment using latest car sales figures as an illustration of the source of these worries.
Zinc prices finished May slightly firmer at USD 2,266 per tonne from USD 2,247 per month earlier although this belied the extent of price moves. Heightened global economic concerns triggered a broad based sell off across asset classes, which took three months zinc to USD 2,048 on May 6 its lowest since late November. The market was firmer generally after that, but tended to run out of steam around the USD 2,300 level.
