SMM Morning Review - 2011/3/3 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2011/3/3 Zinc Market

SMM Insight 09:20:30AM Mar 03, 2011 Source:SMM

SHANGHAI, Mar. 3 (SMM)--Crude oil future contract prices continued to rise on Wednesday, weighing down base metal prices. Meanwhile, chaos exacerbated in Lybia, and the International Energy Agency (IEA) said Lybia turmoil caused output of crude oil to fall more than expected. In this context, light crude oil contract prices for four-month delivery were up USD 2.6 per barrel, with prices closing at USD 102.23 per barrel, or up 2.6%, the highest level since September 26, 2008. As a result, LME zinc prices overnight fell USD 22/mt and closed at USD 2,486/mt below the 20-day moving average. Trading volumes decreased by nearly 8,000 lots to 38,513 lots, and total positions increased slightly by 1,000 lots to 233,370 lots.

 

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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


 

SMM Morning Review - 2011/3/3 Zinc Market

SMM Insight 09:20:30AM Mar 03, 2011 Source:SMM

SHANGHAI, Mar. 3 (SMM)--Crude oil future contract prices continued to rise on Wednesday, weighing down base metal prices. Meanwhile, chaos exacerbated in Lybia, and the International Energy Agency (IEA) said Lybia turmoil caused output of crude oil to fall more than expected. In this context, light crude oil contract prices for four-month delivery were up USD 2.6 per barrel, with prices closing at USD 102.23 per barrel, or up 2.6%, the highest level since September 26, 2008. As a result, LME zinc prices overnight fell USD 22/mt and closed at USD 2,486/mt below the 20-day moving average. Trading volumes decreased by nearly 8,000 lots to 38,513 lots, and total positions increased slightly by 1,000 lots to 233,370 lots.

 

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