Metals and Mining
Base Metals Could Reverse Gains
According to a study by Standard Chartered, nickel supplies will not match the demand levels starting 2011 until almost 2014. The shortage is expected to stand at 29,000 tonnes as supply is estimated to grow at 5% while demand growth at 8% in 2011. In separate news, Norilsk Nickel revealed that in 2011 it plans to spend approximately $53.8 million (1.66 billion rubles) on exploration.
Zinc Zinc for delivery within three months tumbled 0.7% to $2,080 per tonne on the LME. After reaching 52-week highs in the previous trading session, zinc stockpiles narrowed down by 500 tonnes to close at 623,100 tonnes on Friday. Zinc has support at $2,046 and resistance at $2,113. Lead Lead was down 1% to $2,070 per tonne on the LME. Lead inventories shed 300 tonnes to close at 192,150 tonnes Friday. The metal finds support at $2,033 and faces resistance at $2,108.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,454.83 | 1,317.82 | 2,837.53 | 17.45 |
Oil *
107.26
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DOWN
74.92 |
DOWN
2.86 |
DOWN
1.85 |
DOWN
0.14 |
10 Yr
1.74%
SPDR Gold
152.68
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-0.60%
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-0.22%
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-0.07%
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-0.80%
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