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Market Special: Zinc fails to react to Pering closure news
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NSTL
Zinc failed to react to the news that Australia-based BHP Billiton is to accelerate the planned closure of its Pering lead and zinc mine in South Africa, with three-month metal holding around 780 dollars a metric ton. BHP Billiton now plans to shut Pering at the end of 2002 because of a poor zinc market, compared with previous plans to keep it operating through to early 2004. Market observers said a successful breach of the 790-800 dollars/ton resistance level is required in order for fresh upside momentum, although this looks unsustainable in the absence of further production cuts.
NSTL
