SMM Zinc Market Morning Review (2015-2-8)

Published: Feb 9, 2015 09:52

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US non-farm employment numbers released last Friday were upbeat, boosting the US dollar index and weighing on base metals prices.

SHANGHAI, Feb. 8 (SMM) – US non-farm employment numbers released last Friday were upbeat, boosting the US dollar index and weighing on base metals prices. But crude oil prices remained in an upward track, inspiring market sentiment. LME zinc prices opened at USD 2,138/mt, then edged up USD 2,114/mt, and closed at USD 2,158/mt, up USD 13/mt or 0.61%.

SHFE 1504 zinc contract prices opened at RMB 16,450/mt last Friday evening, then fell back to RMB 16,380/mt, and closed at RMB 16,375/mt, up RMB 70/mt or 0.43%. Trading volumes were down 1,776 to 54,668 lots, and total positions decreased 4,996 to 131,552.

China's sluggish trade data depressed market. LME zinc prices are expected to move between USD 2,135-2,185/mt. SHFE 1504 zinc contract prices will fluctuate between RMB 16,350-16,450/mt, with spot discounts of RMB 0-40/mt against SHFE 1504 zinc contract prices.

zinc prices

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