Glencore forecasts demand for industrial metals to exceed supply

New York

THE resurgence in mining shares this year may be just getting started, if Glencore plc's assessment is right.

Demand is set to exceed supply for zinc and some other industrial metals, the mining and trading company said at a conference on Tuesday. The outlook comes after supply gluts and three years of declining prices deterred production. BHP Billiton Ltd, the world's biggest mining company, said separately that it isn't waiting for prices to recover as it boosts investments in copper and oil.