SMM Morning Review - 2011/1/20 Zinc Market

SHANGHAI, Jan. 20 (SMM)--The US dollar index further dipped to 78.4. But the US housing data were mixed. US housing starts for December were down 4.3% to an annual rate of 529,000, lower than the forecast of 550,000. But permits for new construction leaped 6.1% to an annual rate of 635,000, higher than the forecast of 555,000. In this context, LME zinc prices overnight opened at USD 2,442/mt, and then fell below USD 2,400/mt, with prices finally closing at USD 2,395/mt at the 20-day moving average. Trading volumes decreased by over 20,000 lots to 58,120 lots, and total positions decreased by 3,637 lots to 241,426 lots.

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