Metals News
SMM Morning Review - 2011/3/18 Zinc Market
smm insight
Mar 18,2011

SHANGHAI, Mar. 18 (SMM)--Japan made progress in nuclear radiation control yesterday. Meanwhile, major US economic data was positive, with jobless claims falling and the business activity index of Philadelphia Federal Reserve Bank jumping to a record high since January 1984. In this context, LME zinc prices overnight once touched USD 2,342/mt, but meeting resistance at USD 2,350/mt, with prices closing at USD 2,300/mt, above the 5-day moving average. Trading volumes decreased by nearly 10,000 lots to 49,944 lots, and total positions increased slightly by 900 lots to 235,790 lots. With the permission by CSRC (China Securities Regulatory Commission), announced by SHFE, SHFE lead contract will begin trading on March 24th, with the delivery period from September 2011 to March 2012.


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