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Stan Chart Sees 2010 Zinc Price at $1,500/mt

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NEW YORK, June 23 -- Standard Chartered expects an upward momentum in zinc next year as demand improves, and has targeted zinc at $1,500 per tonne for 2010.
&nbsp;&nbsp;&nbsp; The investment bank raised its 12-month zinc price target to $1,414 per tonne this year from $1,402 previously, and to $1,500 versus $1,450 for 2010.
&nbsp;&nbsp;&nbsp; Zinc for three-months delivery on the London Metal Exchange closed at $1,563 per tonne on Thursday. Used to galvanize steel, zinc rose to an eight-month high of $1,720 a tonne in June.
&nbsp;&nbsp;&nbsp; &quot;We believe the main supportive factor for zinc is that demand has clearly been improving, albeit from a very low level,&quot; Standard said in a research note released on Thursday.
&nbsp;&nbsp;&nbsp; &quot;In North America, order data is still presenting a mixed picture, with demand from steel mills still subdued; but with destocking having been halted, the market looks close to a turning point.&quot; 
Standard added that without recent stock building by China, the zinc market would have been badly oversupplied, and estimated that the market will have a 373,000-tonne surplus this year.
&nbsp;&nbsp;&nbsp; &quot;However, with demand likely to improve steadily throughout H2-2009 we believe that the worst period for fundamentals has already passed,&quot; the note said.
&nbsp;&nbsp;&nbsp; (Source: Reuters) 
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