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SMM Morning Review - 2010/9/17 Zinc Market
Sep 17,2010 09:48CST
smm insight
Source:SMM

SHANGHAI, Sept. 17 (SMM) -- The US government announced that the initial jobless claims last week fell unexpectedly to 450,000, but the Federal Reserve Bank of Philadelphia reported its business activity index, covering factories in the Mid-Atlantic area, was minus 0.7 in September, lower than the forecast of zero. The mixed US economic data failed to deliver a clear market direction. LME zinc prices advanced to USD 2,172/mt when the US dollar index weakened, but prices failed to stand steady at this level, and finally closed at USD 2,145/mt, up USD 5/mt. Trading volumes fell sharply by nearly 40,000 lots to 32,953 lots, while positions fell by over 5,000 lots to 210,000 lots, an indication of strong wait-and-see sentiment in the market.

 

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