Metals News
SMM Morning Review - 2010/12/9 Zinc Market
smm insight
09:50AM
Dec 9,2010
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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