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SMM Morning Review - 2011/2/21 Zinc Market
Feb 21,2011 09:14CST
smm insight
Source:SMM

SHANGHAI, Feb. 21 (SMM)--China’s central bank announced last Friday it will raise the deposit reserve ratio for financial institutions by 0.5% since Feb. 24, 2011. Such move is the second ratio hike since early 2011. But the news was absorbed by the market soon as they were expecting tightening monetary policies by China’s central bank. In this context, the US dollar index dipped to 77.6 last Friday. LME zinc prices opened higher at USD 2,554/mt, and closed with declines at USD 2,545/mt, the record low during 4 months. Trading volumes decreased by over 7,000 lots to 29,610 lots, and total positions decreased by 600 lots to 232,629 lots.

 

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