SMM Morning Review - 2010/6/30 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/30 Zinc Market

SMM Insight 10:18:13AM Jun 30, 2010 Source:SMM

SHANGHAI, June 30 (SMM) -- Yesterday, LME zinc prices opened at USD 1,862/mt, with the highest level and lowest level at USD 1,865/mt and USD 1,747/mt, respectively, and finally prices ended at USD 1,768/mt.

China stocks slumped to a 14-month low of 2425.93 points yesterday due the news that Agricultural Bank of China (ABC) is set to raise up to USD 23.2 billion in the world's largest IPO, as well as the delivery of FTSE Xinhua China A50 Index futures contracts. Global inventors were concerned about the pace of economic recovery, raising risk-aversion sentiment in the market, and LME base metals prices tumbled last night due to sell-offs.

Market sentiment was bearish given sharp declines in base metals prices, and base metals prices will likely fluctuate in a narrow band in the near term. SMM predicts SHFE 1010 zinc contract prices will move between RMB 14,300-14,750/mt today.           

To contact the writer on this report: angelawang@smm.cn

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  zinc price  zinc Zn 

SMM Morning Review - 2010/6/30 Zinc Market

SMM Insight 10:18:13AM Jun 30, 2010 Source:SMM

SHANGHAI, June 30 (SMM) -- Yesterday, LME zinc prices opened at USD 1,862/mt, with the highest level and lowest level at USD 1,865/mt and USD 1,747/mt, respectively, and finally prices ended at USD 1,768/mt.

China stocks slumped to a 14-month low of 2425.93 points yesterday due the news that Agricultural Bank of China (ABC) is set to raise up to USD 23.2 billion in the world's largest IPO, as well as the delivery of FTSE Xinhua China A50 Index futures contracts. Global inventors were concerned about the pace of economic recovery, raising risk-aversion sentiment in the market, and LME base metals prices tumbled last night due to sell-offs.

Market sentiment was bearish given sharp declines in base metals prices, and base metals prices will likely fluctuate in a narrow band in the near term. SMM predicts SHFE 1010 zinc contract prices will move between RMB 14,300-14,750/mt today.           

To contact the writer on this report: angelawang@smm.cn

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  zinc price  zinc Zn