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SMM Morning Review - 2010/8/11 Zinc Market
Aug 11, 2010 09:43CST
Source:SMM

SHANGHAI, Aug. 11 (SMM) -- LME base metals prices generally closed with declines yesterday, as the US non-farm worker productivity fell at an annual rate of 0.9%, weaker than previous prediction of a rise of 0.2%. The decline was the first since 4Q 2008, and was the largest one since the financial crisis erupted in 3Q 2008. LME zinc prices fell by USD 57/mt to USD 2,090/mt, and short-term moving average shows signs of declining, and SMM predicts LME zinc prices are expected to undergo small downward corrections. 

China will release a series of economic data for July at 10:00 am today, which will have effect on stock and commodity markets, and market confidence will help SHFE 1011 zinc contract prices hold steady at RMB 17,000/mt temporarily.   

 

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