Falconbridge Ltd. (TSE) has joined Noranda Inc. (TSE) and Cominco Ltd. (TSE) in ceasing publication of a European producer price for the metal. Michael Hughes of Falconbridge said his company was basing its price for the metal on what appeared in the London publication Metal Bulletin, which stopped issuing a European price Jan 1.
Concern was raised late in 1988 about how Metal Bulletin would arrive at a European producer price for zinc without the input of the smelters.
It has been reported that as a replacement, the London Metal Exchange (LME) special high grade cash settlement price for zinc will be used. Metals Week of New York reports, however, that custom smelters in the past have favored using the average of four LME prices — bid and ask, cash and 3-month. (Metals Week has also ceased publishing a European producer price for zinc.) A decision as to a reference price is expected within the next few months.
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