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SMM Morning Review - 2010/8/3 Zinc Market
Aug 3, 2010 10:07CST
Source:SMM

SHANGHAI, Aug. 3 (SMM) -- The Institute for Supply Management (ISM) announced on Monday that the manufacturing index in July was 55.5, higher than expected level of 54.1, while the manufacturing index in June was 56.2. Meanwhile, the US dollar continued to fall back. As a result, LME base metals prices edged higher, with LME zinc prices closing at USD 2,100/mt, setting a new high within 10 weeks. However, LME zinc prices increased continuously, and are facing heavy selling pressure at current high levels, and SMM predicts LME zinc prices will face growing upward pressure in the future. SHFE 1011 zinc contract prices are expected to stand above the RMB 17,000/mt resistance level today as LME zinc prices broke through the USD 2,100/mt mark last night, and special attention should be paid to the proportion of the withdrawal or the entry of long positions.             

 

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