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SMM Morning Review - 2010/8/9 Zinc Market
Aug 9, 2010 09:43CST
Source:SMM

SHANGHAI, Aug. 9 (SMM) -- The US Labor Department announced last Friday that the non-farm payrolls in July fell by 131,000, higher than the previous forecast of a drop of 65,000. Meanwhile, the lower Dow Jones Industrial Average also caused LME base metals prices to reverse previous gains. LME base metals prices were mixed, but LME zinc prices stood steady above all moving averages, positive affected by soaring LME zinc cancelled warrants last Friday, with technical indicators showing signs of rising. SMM predicts SHFE 1011 zinc contract prices will fluctuate above RMB 17,000/mt today.             

 

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