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SMM Morning Review - 2010/7/8 Zinc Market
Jul 8,2010 10:19CST
smm insight

SHANGHAI, July 8 (SMM) -- The US stocks recovered and the US dollar index fell further to below 84 on Wednesday, helping LME zinc prices pare previous losses recorded during Asian trading hours. LME zinc prices finally closed at USD 1,860/mt, with prices rising for four consecutive days and climbing to above all moving averages. SMM predicts LME zinc prices will continue to fluctuate at high levels in the near term.

SHFE zinc prices were still facing heavy selling pressure at RMB 15,500/mt, and SHFE 1010 zinc contract prices only climbed to RMB 15,490/mt yesterday negatively affected by China’s stock markets. SMM predicts SHFE zinc prices may challenge the RMB 15,500/mt resistance level today.

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