Slashing of zinc output triggers Zinc to rally by 12 per cent

Glencore- the world’s biggest producer and trader of zinc, a metal used for rustproof steel in products from cars to building materials, decided to slash zinc output by a third sparked a Zinc rally by 12 per cent to £1, 219,$1,875 and other metal prices and mining shares especially copper by 3 per cent to £3, 500 $5,307, making it a biggest gain since 2012.

China accounts for 40 per cent of global consumption of zinc. Ivan Glasenberg, Glencore CEO  who joined Glencore in 1984,  working in coal department in South Africa and Australia, said his zinc output cut will trigger 1, 600 job losses. He is the 20th richest mining billionaire with Forbes estimating his net worth at  £ 4.75 billion, US $ 7.3billion.