SMM Morning Review - 2010/12/13 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/13 Zinc Market

SMM Insight 09:41:36AM Dec 13, 2010 Source:SMM

SHANGHAI, Dec. 13 (SMM)--China's central bank on Friday said it was raising the deposit reserve ratio by 50 basis points, effective Dec 20, its sixth increase this year, and the deposit reserve ratio will be 18.5% by then. This move implies China is taking a milder tightening monetary policy to raise deposit reserve ratio instead of the hiking interest rate. In this context, the US dollar index fluctuated around 80 last Friday. LME zinc prices still struggled at USD 2,300/mt mark, with prices opening at USD 2,269/mt and once hitting USD 2,305/mt, but fell later and finally closed at USD 2,272/mt. Trading volumes decreased by over 20,000 lots to 60,287 lots, and total positions increased slightly by over 5,000 lots to 242,028 lots. SHFE zinc prices are expected to end narrow corrections today. 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

 

Key Words:  LME market  SHFE market  zinc price  zinc Zn 

SMM Morning Review - 2010/12/13 Zinc Market

SMM Insight 09:41:36AM Dec 13, 2010 Source:SMM

SHANGHAI, Dec. 13 (SMM)--China's central bank on Friday said it was raising the deposit reserve ratio by 50 basis points, effective Dec 20, its sixth increase this year, and the deposit reserve ratio will be 18.5% by then. This move implies China is taking a milder tightening monetary policy to raise deposit reserve ratio instead of the hiking interest rate. In this context, the US dollar index fluctuated around 80 last Friday. LME zinc prices still struggled at USD 2,300/mt mark, with prices opening at USD 2,269/mt and once hitting USD 2,305/mt, but fell later and finally closed at USD 2,272/mt. Trading volumes decreased by over 20,000 lots to 60,287 lots, and total positions increased slightly by over 5,000 lots to 242,028 lots. SHFE zinc prices are expected to end narrow corrections today. 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

 

Key Words:  LME market  SHFE market  zinc price  zinc Zn