Metals News
SMM Morning Review - 2010/12/2 Zinc Market
smm insight
09:58AM
Source:SMM

SHANGHAI, Dec. 2 (SMM) -- The US Institute for Supply Management (ISM) released on Wednesday that US Manufacturing Index for November rose for the 16th straight month to 56.6. Meanwhile, Chinas official and HSBC's Purchasing Managers Index (PMI) of China's manufacturing sector hit a multi-month high, a signal of steady economic growth in China. The positive economic data hampered the US dollar index from rebounding last week, with the index moving around 81. LME zinc prices opened at USD 2,125/mt and finally closed at a high of USD 2,182/mt, up USD 67/mt, with prices standing at the 10-day moving average. Trading volumes increased by over 1,000 lots to 76,014 lots, and total positions decreased by nearly 3,000 lots to 231,735 lots. SHFE zinc prices are expected to rally today.

 

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