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SMM Morning Review - 2010/9/9 Zinc Market
Sep 9,2010 09:52CST
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SHANGHAI, Sept. 9 (SMM) -- Market concerns over the sovereign debt crisis in the euro zone eased by news of a successful bond auction in Portugal, and the US dollar index weakened last night to between 82.4-82.6, helping boost base metals prices. LME base metals prices reversed previous losses and closed with gains on Wednesday, with LME zinc prices strengthening as well. Although LME zinc prices tested the 5-day moving average, prices still climbed to USD 2,236/mt later, and finally closed at USD 2,215/mt, up USD 30/mt. LME zinc inventories declined continuously, and special attention should be paid to the release of US initial jobless claims today.                  

 

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