by Heather Matthews – exclusive to Lead Investing News
Zinc and lead metal spot prices showed improvement in today’s markets: this rally represents a positive development for base metals. Today, non-LME spot prices for lead and zinc were up, showing increased investor confidence in commodity investment.
Zinc is currently trading at a bid/ask of .06494/0.6585, showing an increase of 3.37 per cent (Oct. 13/08) over yesterday’s closing spot price. Lead metal is also up, with a non-LME bid/ask of .06951/.07041: this shows a marked improvement of 6.20 per cent since yesterday.
Why are base metals surging after days of decline? The answer lies in the bank bailout plan proposed by the American government and the U.S. Treasury. The Dow Jones saw an amazing rebound today as the index rose by 936 points on Oct. 13/08. Investors have reacted positively to news that the government will buy up stocks in failing banks and investment houses, in order to stave off more losses and bankruptcies. Crude oil prices also surged by $3 a barrel in response to the American plan to buy stock in faltering banks and investment houses.
This new confidence brightens the financial picture for commodities, and may show a reverse of the sell-off of commodities by investors as they feared heavier losses and the failure of the bailout plan to restore calm to world markets.
Christopher Colarik, of Glenmede Investment Management, believes the market hit rock bottom last Friday, as the Dow Jones spiralled downward amidst worries about the administration of the bailout plan, as well as the credit crisis and bank woes in Europe: “Seeing that there’s going to be more of a global commitment to resolving the financial crisis has given confidence to investors and gotten them to put some money to work.”
Zinc Company News:
Teck Cominco (NYSE:TCK) – Teck Cominco operates out of headquarters in Vancouver, B.C., Canada. They are the country’s biggest metallurgical and mining development and processing company. Teck Cominco operates the Red Dog zinc mine in Alaska, as well as the Trail complex (smelting, refining) in British Columbia, Canada. Teck also has zinc mining operations at the Pend Oreille zinc-lead mine in the state of Washington (USA).
On October 10/08, Teck executives announced plans to release third quarter earnings results on October 23/08, during a webcast/conference call to be held at 8 a.m. Pacific Time. Please click on Teck Cominco’s tag to find more details about this announcement.
Teck also announced the appointment of a new VP for energy on October 1/08. They have appointed Ray Reipas, a seasoned veteran of the mining industry, with 28 years of related experience, to oversee their properties.
Teck Cominco stock is currently listed at $19.34 per share on the New York Stock Exchange, a staggering 35.15 per cent increase over yesterday’s close. On the TSX, Teck Cominco was trading down, in marked contrast to the NYSE results. Current TSX share prices for TCK.A are CDN $21.50 a share, while TCK.B is listing at CDN $16.36 per share.
Bard Ventures (TSX:CA;CBS) – Bard Ventures trades on the TSX Venture Exchange. They are a small mining acquisition company with properties such as Wasi Creek and Lone Pine Molybdenum, both located in northern British Columbia, Canada. Today’s stock quotes for Bard Ventures on the TSX Venture Exchanges are CDN $0.055 cents per share. No changes in Bard Venture stock value have occured since yesterday’s close.
Canada Zinc Metals Corp (TSX:CZX): On October 8/08, this company released assay results on their Cardiac Creek deposit, which includes zinc, silver, and lead. This deposit is located on the Akie property in MacKenzie, British Columbia, Canada. This assay information is being used to plan mining exploration projects in the future.
For more information on the rise in crude oil prices today, please visit www.crudeinvestingnews.com