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SMM Morning Review - 2011/3/3 Zinc Market
Mar 3,2011 09:20CST
smm insight
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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