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Gold/Mining/Energy : Breakwater Resources (T.BWR) -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (585)	1/4/1999 8:44:00 PM
From: Giraffe	Respond to of 962

ZINC: Prices fall to lowest for more than five years By Kenneth Gooding and Paul Solman On the London Metal Exchange, zinc prices fell to their lowest level for 5¼ years as investment funds that base their decisions on chart movements sold heavily, dealers said. Zinc for delivery in three months dropped to $918 a tonne at one stage, its lowest since October 1993, before closing at $922, down $11, or 1.1 per cent. Robin Bhar, analyst at Brandeis (Brokers), said: "The market is being ruled by the funds that take their cue from technicals. The fact that it did not recover to the important $940 level meant zinc would try to go lower." Palladium's price moved up by more than 2 per cent, or $6.85 a troy ounce, to $341.50 by the close in London following an Interfax report that Russia, the biggest producer, would not begin exporting until at least the end of January. In 1997 and 1998 bureaucratic wrangling held up exports for the first six months. In contrast, platinum closed in London down $2.20 at $363 an ounce after South Africa's Anglo American Platinum Corporation, the biggest producer, said it was close to settling a 13-day strike that had halted operations at its Lebowa mine. Meanwhile, Brent crude oil broke through $11 a barrel yesterday, with traders suggesting the market had been boosted by increased demand and renewed buying after Christmas. Reports that Iraq was increasing its oil export target to 2m barrels a day this month appeared to have little impact. Iraq exports about 1.8m barrels a day under the United Nations "oil for food" programme, and recent tensions between the US and Baghdad have not interrupted supplies. In late trading on London's International Petroleum Exchange, the benchmark February contract was $10.94 a barrel against Friday's close of $10.53. ZINC: Prices fall to lowest for more than five years By Kenneth Gooding and Paul Solman On the London Metal Exchange, zinc prices fell to their lowest level for 5¼ years as investment funds that base their decisions on chart movements sold heavily, dealers said. Zinc for delivery in three months dropped to $918 a tonne at one stage, its lowest since October 1993, before closing at $922, down $11, or 1.1 per cent. Robin Bhar, analyst at Brandeis (Brokers), said: "The market is being ruled by the funds that take their cue from technicals. The fact that it did not recover to the important $940 level meant zinc would try to go lower." Palladium's price moved up by more than 2 per cent, or $6.85 a troy ounce, to $341.50 by the close in London following an Interfax report that Russia, the biggest producer, would not begin exporting until at least the end of January. In 1997 and 1998 bureaucratic wrangling held up exports for the first six months. In contrast, platinum closed in London down $2.20 at $363 an ounce after South Africa's Anglo American Platinum Corporation, the biggest producer, said it was close to settling a 13-day strike that had halted operations at its Lebowa mine. Meanwhile, Brent crude oil broke through $11 a barrel yesterday, with traders suggesting the market had been boosted by increased demand and renewed buying after Christmas. Reports that Iraq was increasing its oil export target to 2m barrels a day this month appeared to have little impact. Iraq exports about 1.8m barrels a day under the United Nations "oil for food" programme, and recent tensions between the US and Baghdad have not interrupted supplies. In late trading on London's International Petroleum Exchange, the benchmark February contract was $10.94 a barrel against Friday's close of $10.53.