June 2009 | Base Metals
Zinc's rally resumes: Zinc - Market analysis
The fundamentals are looking weaker, at least over a short-term view, and the next move for price may be to consolidate at lower levels
LME prices and open interest jumped last week, signalling new long positions were opened in zinc, thereby rejuvenating the metal, which had been in consolidation mode in the preceding few weeks. Official three-month prices extended their rally from the $1,450-1,600/tonne consolidation range to $1,703/tonne by Friday. A weaker dollar and upbeat macro data has been attracting the longs back into zinc, but the trend reversed yesterday, leaving the whole base metals complex...
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