SMM Morning Review - 2010/7/14 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/7/14 Zinc Market

SMM Insight 10:16:21AM Jul 14, 2010 Source:SMM

SHANGHAI, July 14 (SMM) -- Moody's Investor Service cut Portugal's sovereign-debt rating by two notches to A1, but a smooth Greek treasury bill auction helped ease market concerns over the European debt crisis to some extent. The US dollar index hit the highest level and lowest level of 84.557 and 83.565, respectively yesterday, and base metals prices pared previous losses at closing as a result. However, LME three-month zinc contract prices were weaker, with prices finally ending at USD 1,855/mt, down USD 5/mt. Both trading volumes and positions declined, and LME zinc prices are expected to continue to undergo corrections.

SMM predicts SHFE 1010 zinc contract prices will struggle at RMB 15,000/mt in the near term.

To contact the writer on this report: monicagao@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 - 2010/7/14 Zinc Market

SMM Insight 10:16:21AM Jul 14, 2010 Source:SMM

SHANGHAI, July 14 (SMM) -- Moody's Investor Service cut Portugal's sovereign-debt rating by two notches to A1, but a smooth Greek treasury bill auction helped ease market concerns over the European debt crisis to some extent. The US dollar index hit the highest level and lowest level of 84.557 and 83.565, respectively yesterday, and base metals prices pared previous losses at closing as a result. However, LME three-month zinc contract prices were weaker, with prices finally ending at USD 1,855/mt, down USD 5/mt. Both trading volumes and positions declined, and LME zinc prices are expected to continue to undergo corrections.

SMM predicts SHFE 1010 zinc contract prices will struggle at RMB 15,000/mt in the near term.

To contact the writer on this report: monicagao@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