SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : ZINC The base metal. News and Views. Symbol Zn
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Stephen O who wrote (456)8/29/2002 7:14:19 PM
From: Stephen O  Read Replies (1) of 3270
 
(MB) - LME zinc holds on to gains
2002-08-28 17:01 (New York)

August 28 (Metal Bulletin) - LME zinc prices have held on to
gains made last week and was trading at around $789 per tonnes
basis three month on August 28.

The price was given a boost by a reported drawdown in stocks of
7,525 tonnes although overall inventories remained high at
635,150 tonne.

"The stock overhang in zinc remains sizeable and in the absence
of production cuts may soon again face upward pressure if
cancelled warrants fail to lead to the now anticipated
reductions in inventories over the next week or so," said
Barclays Capital in a recent report. It added that with
speculation about MIM's European smelting operations and
expectations of improved prices short selling is unlikely and
that support above $770 per tonne should strengthen.

MIM's Avonmouth and Duisburg zinc smelters have a combined
capacity of around 200,000 and analysts said that if this were
to be taken out of the market it would have a positive impact
on the price. The company recently wrote down the value of the
two smelters but no cuts in production have been made.

Metal Bulletin newsroom, London Tel +44 207 827 9977 Fax +44
207 928 6892 New York Tel +1 212 213 6202 Fax +1 212 213
6273

-0- (BN ) Aug/28/2002 21:01 GMT
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News