Merrills Sees Short Term Trading Opportunity In Zinifex

Array
(
    [0] => Array
        (
        )

    [1] => Array
        (
        )

)

var tool=null, skype_curid=0, skype_menu=null, skype_frame=null, skype_hintActive=false, skype_overflag=false;
function skype_checkStyle() {
var o = document.getElementById(‘skype_tb_style’);
if(o == null)
alert(‘DEBUG: we are not here!’);
else
alert(‘DEBUG: we are here! Path:\n’ + o.href);
}
function skype_tb_init(t) {
tool=t;
}
function skype_tb_createFlag(params) {
var o = document.createElement(‘DIV’);
o.setAttribute(“id”,”skype_menu”);
o.innerHTML=”\u0054\u0068\u0065\u0020\u0064\u0069\u0061\u006c\u0069\u006e\u0067\u0020\u0070\u0072\u0065\u0066\u0069\u0078\u0020\u0066\u006f\u0072\u0020\u0074\u0068\u0069\u0073\u0020\u006e\u0075\u006d\u0062\u0065\u0072\u0020\u0063\u0061\u006e\u006e\u006f\u0074\u0020\u0062\u0065\u0020\u0063\u0068\u0061\u006e\u0067\u0065\u0064″;
return o;
}
function skype_tb_showFlagHint(obj,id) {
skype_tb_showHint(obj,id,”,skype_tb_createFlag,true);
}
function skype_tb_Drop(obj,id,params) {
if(tool) {
var x=0, y=0, z=0;
if(obj) {
var pos=skype_tb_calcSpanPos(obj,1); x=pos[0]; y=pos[1], z=pos[2];
}
tool.ShowDropdownMenu(document,id,x,y,z);
}
}
function skype_tb_SwitchDrop(obj,id,params) { //– show/hide the menu depending on the current visibility state
try {
if(event)
event.cancelBubble=true;
skype_tb_Drop(obj,id,params);
} catch(e) {
window.status = e;
}
}
function skype_tb_stopEvents() {
if(event)
event.cancelBubble=true;
return false;
}
function skype_tb_CalcInnerPos(obj) {
var brd=obj.getBoundingClientRect();
var pcx=brd.left, pcy=brd.top;
//– check IE version major number
var re = /MSIE (\d+).(\d+)/;
navigator.appVersion.search(re);
var navMajVer = RegExp.$1;
//– calc the position and show it
bNew=(navMajVer>=6 && document.compatMode!=”BackCompat”);
var docelem = (bNew) ? document.documentElement : document.body;
var scrollY=docelem.scrollTop, scrollX=docelem.scrollLeft;
var my=pcy+scrollY, mx=pcx+scrollX, mby=docelem.clientHeight+scrollY, mbx=docelem.clientWidth+scrollX;
if(my>mby) my=mby;
if(mymbx) mx=mbx;
if(mxpcy)
skype_menu.style.top=(my-obj.clientHeight)-(mbrd.bottom-pcy);
} else {
skype_menu.style.top=my+obj.clientHeight;
}
//– pose the frame right under the tooltip
skype_frame.style.left=skype_menu.style.left;
skype_frame.style.top=skype_menu.style.top;
skype_frame.style.height=skype_menu.clientHeight+2;
skype_frame.style.width=skype_menu.clientWidth+2;
skype_frame.style.display=”block”;
}
function skype_tb_hideHintWait() {
if(!skype_menu)
return;
skype_hintActive=false;
setTimeout(‘skype_tb_hideHint(false);’,1000);
}
function skype_tb_hideHint(force) {
if(!force && skype_hintActive)
return;
skype_hintActive=false;
if(skype_menu) {
document.body.removeChild(skype_menu);
skype_menu=null;
}
if(skype_frame) {
document.body.removeChild(skype_frame);
skype_frame=null;
}
tool.HideDropdownMenu();
}
function skype_tb_setBack(obj,color) {
if(obj && obj.tagName==’TR’)
obj.lastChild.style.backgroundColor = color;
}
function skype_tb_onDropOver(obj) {
skype_hintActive=true;
skype_tb_setBack(obj,”#DFDFDF”);
}
function skype_tb_onDropOut(obj) {
skype_tb_hideHintWait();
skype_tb_setBack(obj,””);
}
function doRunCMD(link,id,obj,lvl) {
var x=0, y=0, z=0;
if(obj) {
var pos=skype_tb_calcDropPos(obj,lvl); x=pos[0]; y=pos[1], z=pos[2];
}
window.location.href=”/skype_tb/”+link+”/”+id+”/”+x+”/”+y+”/”+z;
}
function runCMD(link) {
skype_tb_hideHint(true);
doRunCMD(link,skype_curid,null);
}
function doHandleChdial(obj,edyn,id,lvl) {
if(event)
event.cancelBubble = true;
// if(edyn)
doRunCMD(‘chdial’,id,obj,lvl);
// else
// skype_tb_showFlagHint(obj,id);
}
function skype_tb_calcDropPos(obj,lvl) {
return skype_tb_calcObjPos(obj,lvl,’skype_tb_droppart’);
}
function skype_tb_calcSpanPos(obj,lvl) {
return skype_tb_calcObjPos(obj,lvl,’softomate_highlig’);
}
function skype_tb_calcObjPos(obj,lvl,prefix) {
if(!event)
return Array(0,0,0);
var objPos=event.srcElement;
var brd=objPos.getBoundingClientRect();
var cx=event.clientX-brd.left, cy=event.clientY-brd.top;
var sx=event.screenX-cx, sy=event.screenY-cy;
while(objPos.id.substr(0,17) != prefix) {
var brd1=objPos.getBoundingClientRect();
objPos=objPos.parentElement;
var brd2=objPos.getBoundingClientRect();
sx+=brd2.left-brd1.left;
sy+=brd2.top-brd1.top;
}
var brd=objPos.getBoundingClientRect();
var h=brd.bottom-brd.top;
sy+=h;
return Array(sx,sy,1);
}
function doSkypeFlag(obj,id,state,edyn,fw) {
var fobj=obj.all[‘skype_tb_img_f’+id];
if(!fobj)
return;
switch(state) {
case 0: //– inactive
fobj.className=’skype_tb_imgFlag’;
obj.parentElement.all[‘skype_tb_img_r’+id].style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_r.compat.gif)’;
skype_overflag=false;
break;
case 1: //– active
fobj.className=’skype_tb_imgFlagAct’;
obj.parentElement.all[‘skype_tb_img_r’+id].style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_ra.compat.gif)’;
obj.style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_a.compat.flex.w’+fw+’.gif)’;
skype_overflag=true;
break;
case 2: //– pushed
// if(edyn) {
obj.style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\pushed_a.compat.flex.w’+fw+’.gif)’;
skype_overflag=true;
// }
break;
}
}
function skype_tb_imgOnOff(mobj,state,id,bflex,fw,nof) {
if(mobj) {
var dobj=mobj.all[‘skype_tb_droppart_’+id];
switch(state) {
case 0: //– inactive
if(dobj)
dobj.style.backgroundImage=(bflex)?’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\inactive_a.compat.flex.w’+fw+’.gif)’:’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\inactive_a.compat.stat.w’+fw+’.gif)’;
mobj.all[‘skype_tb_img_s’+id].style.backgroundImage=(bflex)?’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\inactive_s’+nof+’.compat.gif)’:’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\inactive_s_stat’+nof+’.compat.gif)’;
mobj.all[‘skype_tb_text’ +id].style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\inactive_m.compat.gif)’;
mobj.all[‘skype_tb_img_r’+id].style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\inactive_r.compat.gif)’;
skype_overflag=false;
break;
case 1: //– active
if(dobj && (!skype_overflag || !bflex))
dobj.style.backgroundImage=(bflex)?’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_a.compat.flex.w’+fw+’.gif)’:’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_a.compat.stat.w’+fw+’.gif)’;
mobj.all[‘skype_tb_img_s’+id].style.backgroundImage=(bflex)?’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_s’+nof+’.compat.gif)’:’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_s_stat’+nof+’.compat.gif)’;
mobj.all[‘skype_tb_text’ +id].style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_m.compat.gif)’;
if(!skype_overflag)
mobj.all[‘skype_tb_img_r’+id].style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\active_r.compat.gif)’;
break;
case 2: //– pushed
if(!skype_overflag) {
if(dobj)
dobj.style.backgroundImage=(bflex)?’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\pushed_a.compat.flex.w’+fw+’.gif)’:’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\pushed_a.compat.stat.w’+fw+’.gif)’;
mobj.all[‘skype_tb_img_s’+id].style.backgroundImage=(bflex)?’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\pushed_s’+nof+’.compat.gif)’:’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\pushed_s_stat’+nof+’.compat.gif)’;
mobj.all[‘skype_tb_text’ +id].style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\pushed_m.compat.gif)’;
mobj.all[‘skype_tb_img_r’+id].style.backgroundImage=’url(C:\\DOCUME~1\\Chris\\LOCALS~1\\Temp\\__SkypeIEToolbar_Cache\\d632e8e4efb12ac2f8b4c147250be8b2\\static\\pushed_r.compat.gif)’;
}
break;
}
}
if(state != 1)
skype_tb_hideHintWait();
}
//– call buttons manipulations
function skype_tb_checkVis(obj) {
//– count fully hidden as visible (??)
if(!obj || obj.parentElement==obj.document.body)
return true;
var brd=obj.getBoundingClientRect();
var brdPar=obj.parentElement.getBoundingClientRect();
//alert(‘brd.top=’ + brd.top + ‘; brdPar.bottom=’ + brdPar.bottom + ‘; brdPar.right=’ + brdPar.right + ‘; brd.right=’ + brd.right);
var vis = (brd.top=-3);
return vis;
}
function skype_tb_checkVisFull(obj) {
if(!obj || obj.parentElement==obj.document.body)
return true;
var brd=obj.getBoundingClientRect();
var brdPar=obj.parentElement.getBoundingClientRect();
var vis=(brd.bottom<=brdpar.bottom);
return vis;
}
function skype_tb_swapSpansIfNeed(obj,cid) {
var tobj=obj.all['skype_tb_text'+cid],
robj=obj.all['skype_tb_img_r'+cid];
var tbrd=tobj.getBoundingClientRect(),
rbrd=robj.getBoundingClientRect();
var cst=obj.currentStyle.direction;
if(cst=="ltr" && tbrd.left<=rbrd.left)
return;
//– swap internal spans
var cl=obj.childNodes.length;
for(var i=0; i<cl/2; ++i) {
var cobj=obj.childNodes[i];
var swobj=obj.childNodes[cl-1-i];
cobj.swapNode(swobj);
}
}
function skype_tb_makeVisAll() {
var allspans=document.body.getElementsByTagName("SPAN");
for(var i=0;i<allspans.length;++i) {
var s0='',s1='',ss='';
var curspan=allspans[i];
if(!(curspan.scopeName=="SKYPE" && curspan.id.substr(0,20)=="softomate_highlight_"))
continue;
var cid=curspan.id.substring(20,curspan.id.length);
skype_tb_swapSpansIfNeed(curspan,cid);
if(skype_tb_checkVis(curspan))
continue;
var txtobj=curspan.all['skype_tb_innerText'+cid];
ss=txtobj.innerText;
while(txtobj) {
s0=txtobj.innerText;
s1=s0.substr(0,s0.length/2) + '…';
txtobj.innerText=s1;
if(s0==s1 || skype_tb_checkVis(curspan))
break;
}
//– return text back if still not visible and text is the shortest
if(s0==s1 && !skype_tb_checkVis(curspan))
txtobj.innerText=ss;
//– remove the injection fully if full visibility has not been reached
if(!skype_tb_checkVisFull(curspan)) {
var txt=curspan.context;
curspan.outerHTML=txt;
}
}
}

By Chris Shaw

It still rates the stock as a Sell but Merrill Lynch sees a short-term opportunity in Zinifex (ZFX) as it suggests the recent weakness in zinc prices has been overdone and there is potential for a short-term recovery in the price of the metal.

The broker’s view is the recent surge in zinc exports from China was a move from producers to beat tax changes that came into effect from mid-December and now reduce the attractiveness of exporting the metal. As a result the broker expects upcoming export figures for January, which are due on February 24th, will show a reversal of last month’s trend, so setting the stage for the metal to recover its recent losses.

Also expected to provide a boost is a likely move towards zinc price parity between the LME and Shanghai, the broker expecting LME prices to strengthen in coming months given the likelihood of tight supply of the metal through to the end of June.

That should be enough to generate a recovery in Zinifex shares short-term, the bad news being the broker still views the company as overpriced at current levels as it estimates the market is pricing in six more years of current spot prices for zinc, or four years assuming the smelter sale goes ahead.

This is unrealistic in its view, so it expects the share price to trend down in the second half of the year as zinc prices weaken. It sees little impact on the stock from recent operational issues.

Zinifex shares as at 2.30pm were down 12c at $15.78, which compares to a January high of more than $18.00.

Click to view our Glossary of Financial Terms