SMM Morning Review - 2011/2/11 Zinc Market

SHANGHAI, Feb. 11 (SMM)--According to data released last night, the US preliminary jobless claims for the week ending Feb. 5th fell to 383,000 compared to the forecast of 410,000, the lowest level since July 5th, 2008. Yields on Portuguese 10-year government bonds once reached 7.64%, the highest level since the introduction of euro, depressing investor confidences towards Portuguese debts. In this context, the US dollar index overnight rebounded to 78 from 77.6, weighing down LME zinc prices. LME zinc prices finally closed at USD 2,430/mt, down USD 50/mt, and with prices falling below the 10-day moving average. Trading volumes decreased by over 40,000 lots to 39,529 lots, and total positions decreased by 370 lots. The market took a cautious attitude.

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