SMM Morning Review - 2010/7/29 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/7/29 Zinc Market

SMM Insight 10:02:14AM Jul 29, 2010 Source:SMM

SHANGHAI, July 29 (SMM) -- Although the US durable goods orders released last night were disappointing, LME base metals prices extended rallies recorded in Asian trading hours, and LME three-month zinc contract prices finally closed at USD 1,955/mt, with solid support building gradually at USD 1,900/mt.

Now is still the seasonal low demand period in China, but SHFE zinc prices outperformed LME zinc prices recently, and SHFE 1011 zinc contract prices held steady at the RMB 16,000/mt mark. However, it is inevitable for zinc prices to undergo corrections on their upward track, creating opportunities for investors to build up stocks at relatively lower prices, and market sentiment will improve as a result.                

 

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 - 2010/7/29 Zinc Market

SMM Insight 10:02:14AM Jul 29, 2010 Source:SMM

SHANGHAI, July 29 (SMM) -- Although the US durable goods orders released last night were disappointing, LME base metals prices extended rallies recorded in Asian trading hours, and LME three-month zinc contract prices finally closed at USD 1,955/mt, with solid support building gradually at USD 1,900/mt.

Now is still the seasonal low demand period in China, but SHFE zinc prices outperformed LME zinc prices recently, and SHFE 1011 zinc contract prices held steady at the RMB 16,000/mt mark. However, it is inevitable for zinc prices to undergo corrections on their upward track, creating opportunities for investors to build up stocks at relatively lower prices, and market sentiment will improve as a result.                

 

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