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    market news

    Zinc Sinks Most in Six Weeks After Big Rally

    Charlotte McLeod
    Jul. 29, 2014 04:38PM PST
    Base Metals Investing

    Bloomberg reported that London Metal Exchange zinc for three-month delivery sank the most in six weeks after climbing to its highest price since August 2011 just yesterday. Speculation is rife that “the rally … lifted prices too far.”

    Bloomberg reported that London Metal Exchange zinc for three-month delivery sank the most in six weeks after climbing to its highest price since August 2011 just yesterday. Speculation is rife that “the rally … lifted prices too far.”

    As quoted in the market news:

    ‘We are seeing a technical reaction to recent gains, with some profit taking in a thin market,’ Michael Turek, a senior director at Newedge USA LLC in New York, wrote in an e-mail. ‘There are some who are questioning the sustainability of higher prices.’

    Zinc for delivery in three months dropped 1.8 percent to settle at $2,366 a metric ton at 5:50 p.m. on the LME, the biggest loss since June 12.

    Click here to read the full Bloomberg report.

    london metal exchange zincmarket news
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