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MARKET TALK: LME Zinc Hits 3-Week Low; $3,410 Support Key

Tuesday, Jan 30, 2007
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LME 3-month zinc hits 3-week low, last at $3,460, down $61 vs London PM kerb, on follow-through selling after overnight losses on LME, says trader at major Japan house; adds zinc continuing to closely track copper, lacking own momentum. Sentiment bearish as zinc now in technical downtrend, latest Chinese zinc customs data shows country's become net exporter. Trader tips continued selling when London opens; next support at $3,410 (Jan. 9 high), break of which may spur steep fall.

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