Metals News
SMM Morning Review - 2011/3/10 Zinc Market
smm insight
Mar 10,2011

SHANGHAI, Mar. 10 (SMM)--Muammar Gaddafi's forces hit an oil pipeline leading to Es Sider and dropped bombs on storage tanks in the Ras Lanuf oil terminal area, triggering speculations of investors that the rising oil prices may lead to inflation and spoil global economic growth, which will cut demand for industrial metals. Meanwhile, the US mortgage application activity index rose to the highest level since the week ending December 10th, 2010. But since the market was still focusing on Lybia chaos, LME zinc prices overnight fell significantly by USD 120/mt to close at USD 2,275/mt, down 5.01%.Trading volumes increased by 1,000 lots to 51,565 lots, and total positions increased by 3,000 lots to 244,423 lots. SHFE three-month zinc contract prices will likely fall below RMB 18,000/mt today.


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