| Zinc has hit its highest in 15 months as bearish speculators scrambled to close out positions, though some investors doubt that the hefty gains are entirely justified. Volumes were huge, with zinc turnover on the London Metal Exchange (LME) of more than 17,000 lots, more than double the activity in aluminium, one of the most active contracts.
"Shorts had been building up recently because people were expecting a setback lower, but when stops were triggered, that forced the shorts to cover," said Gianclaudio Torlizzi, Partner at the T-Commodity consultancy in Milan...............................................Full Article: Source
|