interesting....maybe the sky isn't goiong to fall in after all
LME 3-month zinc at $1,494/ton, up $69 or 4.8% in very strong volume with 1,483 lots done, about three times yesterday's volume at the same stage in the session. Trader in Sydney says he's not sure where the buying's coming from; most of buying took place in 30 minute period around 0100 GMT, following similar pattern to trade in LME 3-month copper yesterday. Zinc's recent high was $2,900/ton, hit in early March. Zinc fundamentally seen as one of weakest base metals given strong mine supply, exposure of galvanized steel industry to slowing housing, construction markets.
SDL Price at posting:
12.0¢ Sentiment: None Disclosure: Held
