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SMM Morning Review - 2010/9/21 Zinc Market
Sep 21,2010 09:43CST
smm insight
Source:SMM

SHANGHAI, Sept. 21 (SMM) -- Yesterday, a weaker US dollar helped support LME zinc prices to struggle at USD 2,200/mt, with prices even climbing to USD 2,206/mt. Later, the National Association of Home Builders (NAHB) announced that confidence among US homebuilders in September was weaker than expected, showing the housing market remains depressed, and triggering market concerns over the recovery in US economy. The US dollar index bottomed out, weighing down LME zinc prices, and LME zinc prices lost some gains, and finally closed at USD 2,175/mt, up USD 25/mt, with prices still standing above all moving averages. Trading sentiment was brisk, with trading volumes increasing by 13,000 lots to 41,507 lots, while positions fell slightly by 1,000 lots to 219,883 lots.    

 

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