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SMM Morning Review - 2010/8/5 Zinc Market
Aug 5, 2010 10:09CST
Source:SMM

SHANGHAI, Aug. 5 (SMM) -- The Institute for Supply Management (ISM) announced on Wednesday the non-manufacturing index in July was 54.3, higher than the estimate 53.0. This positive economic data boosted base metals market and investor sentiment, and base metals prices continued to edge higher as a result. LM zinc prices jumped above USD 2,100/mt on August 4th, with the highest prices reported at USD 2,140/mt, and finally closed at USD 2,110/mt. The zinc price range moved higher gradually, and LME zinc prices will remain strong in the near term.

SHFE zinc prices rallied at the closing yesterday driven up by stock markets, coupled with rising LME zinc prices, SHFE 1011 zinc contract prices are expected to continue to stabilize above RMB 17,000/mt today, with special focus on China’s A-share market performance today.              

 

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