LME zinc prices pass 800 dollars

摘要

LME zinc prices have move higher on fund and technical buying, breaking through the 800 dollars per tonne barrier on January 16. Prices had been 770-780 dollars per tonne basis three months at the start of last week. "There's been a lot of fund and technical buying out there. Basically it's just following the line of all the others [LME metals]," a trader told MB. Still trading at historically low prices, many observers believe that the underperforming metal is likely to test levels around 820 dollars. "As long as the general tone stays okay I think zinc will try to base out. If you allow for inflation we've been seeing the lowest three-month zinc prices for 25 years. I think 810-820 dollars would be very difficult to breach in the current climate," the trader added.