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Zinc Slides in Industrial Metals Sell-Off
May 19,2010 10:08CST
industry news
Source:SMM

MANILA, May 19 -- Shanghai zinc fell more than 5 percent and London zinc slid more than 4 percent on Wednesday, in a resumption of a sell-off of industrial metals after the euro skidded to fresh four-year lows versus the dollar on Germany's move to ban short-selling of some securities.

Three-month zinc on the London Metal Exchange CMZN3 fell as low as $1,853.25 a tonne, before slightly cutting losses. It was at $1,870 a tonne by 0115 GMT, down $69. Shanghai's third month zinc SZNc3 dropped 700 yuan to 15,000 yuan a tonne, off a low of 14,830 yuan, which was near its downside limit of 14,755 yuan.

All other base metals were down by between 1.3 percent and 4.2 percent.

Global equity markets sank on Tuesday on concerns tighter financial regulation from Wall Street to Frankfurt would hinder the recovery of the global economy.


 

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