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.
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