METALS-Metals rally as dollar drops, zinc hits 15-mth high on shortages
LONDON, Aug 10 (Reuters) - Zinc rallied to its highest in nearly 15 months on Wednesday as investors continued to fret over a shortage of mine supply, while other metals surged amid sharp falls in the dollar.
The U.S. dollar fell broadly on Wednesday as U.S. Treasury yields fell and investors waited on a speech by Federal Reserve Chair Janet Yellen later this month. A weaker dollar makes dollar-priced metals cheaper for non-U.S. investors.
"In copper, it appears to be exogenous factors like the dollar," said Standard Bank analyst Leon Westgate.
On zinc, he said prices still had further to rise: "(Some investors) are saying they want to see premiums tighten up. I imagine we're going to see that towards the end of this year. At that point anyone still sitting on the fence will jump in."
Three-month zinc on the London Metal Exchange ended up 0.5 percent at $2,286 a tonne, having earlier hit its highest since mid-May 2015 at $2,314.50. Prices are up 43 percent this year.
"It seems the market has a big zinc buying order through," a trader said.
http://www.cnbc.com/2016/08/10/reut...drops-zinc-hits-15-mth-high-on-shortages.html
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- Zinc rallied to its highest in nearly 15 months
Zinc rallied to its highest in nearly 15 months
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Last
0.3¢ |
Change
0.001(50.0%) |
Mkt cap ! $5.500M |
Open | High | Low | Value | Volume |
0.2¢ | 0.4¢ | 0.2¢ | $18.36K | 6.397M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 4577362 | 0.3¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.4¢ | 31208333 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 4577362 | 0.003 |
36 | 41987154 | 0.002 |
13 | 13549988 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.004 | 31208333 | 9 |
0.005 | 8600172 | 6 |
0.006 | 1250330 | 3 |
0.007 | 605300 | 3 |
0.008 | 731448 | 4 |
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