Metals News
SMM Morning Review - 2010/12/8 Zinc Market
smm insight
09:42AM
Dec 8,2010
Source:SMM

SHANGHAI, Dec. 8 (SMM) -- Yesterday, the US government announced to extend tax cuts for two years, and the US dollar index weakened to a low of 79.3. Later, as positive impact from the US government's extension of tax cuts has been absorbed, and market players were concerned that China's CPI data for November may signal the inflationary pressure is rising, which will likely trigger additional tightening measures, the US dollar index rebounded to 79.9 in response, and LME zinc prices lost previous gains as well, and finally closed at USD 2,280/mt, up USD 34.8/mt, or up 1.55%. Trading volumes increased by 16,000 lots to 64,623 lots, while positions increased by 2,000 lots to 231,055 lots. LME zinc prices stood above the 20-day moving average, and SMM predicts SHFE zinc prices will likely continue to rebound today. 

 

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