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Gold/Mining/Energy : Breakwater Resources (T.BWR)
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To: Giraffe who wrote (546)10/27/1998 4:17:00 PM
From: Giraffe  Read Replies (1) of 962
 
ZINC: Metal falls to lowest for 4½ years
By Kenneth Gooding, Robert Corzine and Paul Solman
Zinc fell to a 4½-year low of $942 a tonne at one stage on the London Metal Exchange as all metals prices drifted lower.

Dealers suggested selling by investment funds in a quiet market was responsible. Zinc for delivery in three months recovered slightly to close at $947 a tonne, down $10.

Analysts at Macquarie Equities suggested zinc was one of three metals - the others were nickel and tin - for which there was some optimism during "LME week".

In their Commodities Report they said: "There is a growing belief that these metals have been oversold, with prices having been dragged down by the weakness in copper, and could benefit from a short covering rally in the near term."

Oil prices rose yesterday as traders reacted to news that Hurricane Mitch had been designated as the strongest storm seen so far this year in the Caribbean.

Brent Blend for December delivery was quoted at $13.20 a barrel in late trading on London's International Petroleum Exchange, 44 cents up on Friday's close.

Coffee futures strengthened on the London International Financial Futures and Options Exchange yesterday, with the most actively traded January contract ending at $1,659 a tonne, $15 above Friday's close.

Analysts said the market remained uncertain about the size of the crop in Brazil, the world's largest producer. "Thirty million bags would lead to a global surplus, 24m bags to a sizeable deficit," according to GNI.

March cocoa was off £2 at £1,037 a tonne.

Financial Times
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