SMM Morning Review - 2011/3/22 Zinc Market

SHANGHAI, Mar. 22 (SMM)--According to the National Association of Realtors (NAR) yesterday, the US new home sales for February fell to 4.88 million, the lowest level since November 2010, and lower than the forecast of 5.15 million. Purchases were down 9.6%, compared to a forecast of 4.0%. Existing home sales during February fell 2.8%, also larger than the forecast, triggering concerns over distressed properties. In this context, LME zinc prices overnight fell USD 25/mt to close at USD 2,319/mt, down 1.09%, and with prices stabilizing at the 5-day moving average. Trading volumes increased slightly by 3,000 lots to 45,446 lots, and total positions increased by 500 lots to 230,657 lots. SHFE 1106 zinc contract prices are expected to fluctuate at RMB 18,000/mt level today.

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