Tuesday, May 20, 2008
ZINC UPDATES
MAY 20 TH TUESDAY
SHORT TERM TREND :SIDEWAYS :TARGET RS 98 TO 94.70
LONG TERM : BEARISH : TARGET RS 83.
Zinc prices fell more than 2 per cent in London on Tuesday on news that some smelters in China's earthquake-hit Sichuan province would soon restart production.
Zinc futures on the London Metal Exchange, which rose almost 7 per cent in the immediate aftermath of the quake last week, traded down to $2,237 (U.S.) per tonne by 10:54 a.m. GMT, down $51 from Monday's close and its lowest since May 13.
SHORT TERM TREND :SIDEWAYS :TARGET RS 98 TO 94.70
LONG TERM : BEARISH : TARGET RS 83.
Zinc prices fell more than 2 per cent in London on Tuesday on news that some smelters in China's earthquake-hit Sichuan province would soon restart production.
Zinc futures on the London Metal Exchange, which rose almost 7 per cent in the immediate aftermath of the quake last week, traded down to $2,237 (U.S.) per tonne by 10:54 a.m. GMT, down $51 from Monday's close and its lowest since May 13.
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