首页|Zinc, Lead Hit 1-Mo Highs But Profit Taking Weighs
Zinc, Lead Hit 1-Mo Highs But Profit Taking Weighs
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NSTL
Fund and bank buying drove base metals at the London Metal Exchange higher across tile board Friday with zinc and lead both touching one-month highs before profit taking pared the gains by the close. The buying emerged right from tile open as dealers warmed to a strong close for the Dow Jones Industrial Average Thursday and the upside gathered momentum after the emergence of stock draws for both lead and zinc. Lead stocks dropped by 175 tons while zinc stocks fell by 3,100 tolls, helping both markets rally sharply. Sources said the zinc stock draw is the result of a record high level of cancelled warrants in LME warehouses, at 43,700 tons Friday morning, and is indicative of what is expected to be a period of steady drawdowns in the days to come. Zinc hit the high at 790.50/ton dollars but the attention of the major buyers did not focus on lead until the second ring of official trade when its high at 444.50/ton dollars was posted.
NSTL
