The latest supply woes in zinc pushed LME 3m prices to a three-year high, hitting an intra-day high of $3,440/t yesterday, whilst prices in Shanghai jumped to their highest in nearly 14 years. Nyrstar said it would slash zinc production at three smelters in Europe by up to 50% due to rising power prices and costs associated with carbon emissions. Prior to this, Nyrstar had already announced that it would cut zinc production at a Dutch plant due to rising power prices last month. We discussed this in detail in a note released yesterday. As for copper, the LME cash/3m spread backwardation continued to move higher, ... (full story)