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Shanghai zinc 4 pct limit up on China supply losses

Wed May 14, 2008 8:16am IST
 
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SINGAPORE, May 14 (Reuters) - Shanghai zinc jumped by its 4 percent daily limit on Wednesday, chasing strong overnight gains in London on concerns that a big earthquake in China could result in supply losses.

The July zinc contract SZNN8 on the Shanghai Futures Exchange, rose 725 yuan by 0239 GMT to 18,920 yuan ($2,707), from Tuesday's settlement. Zinc for delivery in three months on the London Metal Exchange MZN3 retreated $45 to $2,275, having jumped 6.5 percent in the previous session.

A devastating earthquake measuring 7.9 on the Richter scale hit China's Sichuan province on Monday, killing at least 13,000 people and putting up to half a million tonnes of zinc smelting capacity out of action. [ID:nSP290184] ($1=6.988 Yuan)

(Reporting by Nick Trevethan, Editing by Jacqueline Wong)

 
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