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Home / Metal News / SMM Morning Review - 2010/12/9 Zinc Market

SMM Morning Review - 2010/12/9 Zinc Market

Dec 9, 2010 09:50

Source:SMM

SHANGHAI, Dec. 9 (SMM) -- The German Economy Ministry announced on Wednesday that the industrial production in October rose by 2.9% from September levels, and increased by 11.7% from 2009 levels, stronger than the previous forecast of 0.8%, indicating the pace of German economic recovery is accelerating. Although the US dollar index rebounded slightly last night to 80.3, LME zinc prices remained strong, and opened at USD 2,244/mt, with prices once hitting a high of USD 2,314/mt and finally closing at USD 2,290/mt, up USD 10/mt. Trading volumes increased by 2,000 lots to 83,243 lots, while positions increased by 1,000 lots to 232,619 lots. SMM predicts SHFE zinc prices will struggle at RMB 18,000/mt today.

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Market focus this week include: the annualised reading of new housing starts in the United States in August, the initial value of the manufacturing PMI in the Eurozone in September, and the initial value of the Markit manufacturing PMI in the United States in September; China's one-year loan market quotation interest rate as of September 22. In terms of events, FOMC will announced the interest rate resolutions this Thursday; the Fed Chairman Powell will hold a press conference; and the European Central Bank will announces an economic bulletin.

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