LME LATEST - LME zinc inches to new 10-week high as metals resume rally

Fri, Jul 30 2010, 14:36 GMT
http://www.fastmarkets.com

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- Three-month zinc climbed to a new-week month high on Friday, amid a complex-wide advance as short-covering picked up ahead of the month-end following improving US sentiment data, while a soft dollar also lent support.

- Zinc futures advanced $48 to $2,015 per tonne, the most expensive since May 14. The aluminium contract extended gains to $2,156, also a new ten-week high. Copper rallied back above the $7,250 per tonne mark, up $32 at $7,264 suggesting yesterday's 11-week top of $7,283 could be taken out soon.

- After an underwhelming advance second quarter GDP report, this afternoon's releases have been sunnier. Latest Chicago PMI data - which had been expected to dip on-month to 56.3 from 59.1 previously - came in at 62.3. Meanwhile University of Michigan consumer sentiment for July alos beat a forecast of 67.3 at 67.8. Inflation expectations dropped to 2.7 from 2.9 in the previous month. The euro, howeve,r remained stronger against the dollar, at 1.3030, although off yesterday's 11-week peak of $1.3107.

- Nickel also looked ready to challenge Tuesday's two-month highs, at $20,800 it increased $125 but was still short of the $20,975 target. Price gains have been impeded by three stock builds in as many days, suggesting the start of a trend turnaround -,stocks have declined since last September - and the onset of seasonal shipments from Norilsk’s Dudinka port.

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