SMM Morning Review - 2010/7/28 Zinc Market

SHANGHAI, July 28 (SMM) -- LME base metals prices failed to extend rallies last night, and began to slip after the US dollar index climbed slightly to 82.3. LME three-month zinc contract prices finally closed at USD 1,910/mt, with the lowest prices reported at USD 1,895/mt, breaking through the 5-day moving average. Market players are focused on whether or not LME zinc prices can hold steady above USD 1,900/mt. SHFE zinc prices plummeted at the closing yesterday, and large amounts of long positions exited from the market, and LME zinc prices fell slightly last night. In this context, SHFE 1011 zinc contract prices are expected to fall slightly today, with prices expected to move between RMB 15,800-16,000/mt.               

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