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SMM Morning Review - 2010/7/13 Zinc Market
Jul 13,2010 10:22CST
smm insight

SHANGHAI, July 13 (SMM) -- Weak China's copper import data depressed overseas investor confidence, and LME base metals prices closed with declines in response. LME zinc prices closed at USD 1,860/mt, down USD 20/mt. Positions declined by 1,600 lots to 233,549 lots, while trading volumes surged by 12,000 lots to 66,292 lots, indicating investors were pessimistic toward market outlook. SMM predicts LME zinc prices will fluctuate around the 5-day moving average in the near term.

LME zinc prices ended the upward trend, and the US dollar index rebounded to above 84.2. Meanwhile, a number of short players entered the SHFE zinc market yesterday. In this context, SMM predicts SHFE 1010 zinc contract prices will test the support level of 20-day and 30-day moving averages today.           

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