Zinc at the London Metal Exchange LME managed to hold onto the sharp gains made over the last few days and ended slightly higher on Friday, 22nd November The three-month contract made an early test of Thursday's high at 801.50 dollars/ton in the pre-market but profit taking again emerged at this level and prices drifted lower for the remainder of the session. Support at 792 dollars/ton dampened the downside move and a number of dealers said they felt a move up to the next resistance level at and 810 dollars/ton is on the cards. The possibility of cutbacks at Glencore's Portovesme zinc plant in Sardinia, along with the potential that Canadian zinc miner Breakwater Resources Ltd. will not be able to pay its debt payment due Jan. 2, 2003, has been attributed to the heavy buying interest over the last few days. The rest of the complex also gave back some of Thursday's gains.
NSTL
