Zinc May Rise to $5,400 a Ton in 3 Months, Deutsche Bank Says
2006-11-10 07:00 (New York)
By Chanyaporn Chanjaroen
Nov. 10 (Bloomberg) -- Zinc prices may rise 18 percent in
the next three months as a production shortfall of the metal
used to galvanize steel probably will lead to lower stockpiles,
said Deutsche Bank AG, Germany's largest bank.
Prices of the metal for immediate delivery may rise to
$5,400 a metric ton, compared with yesterday's record closing
price in London of $4,570, said Michael Lewis, head of
commodities research at the bank. ``Zinc is our favorite
metal,'' he said in a telephone interview in London today.
Zinc for delivery in three months on the London Metal
Exchange rose to a record for a fifth straight day today,
gaining as much as $65, or 1.4 percent, to $4,580 a ton, beating
yesterday's high by $35. It traded at $4,445 a ton as of 11:45
a.m. local time. The contract has more than doubled in the past
12 months.
--Editor: Casey
stole this from stockhouse here:
stockhouse.com
regards,
John |
