SMM Morning Review - 2011/3/22 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2011/3/22 Zinc Market

SMM Insight 09:42:27AM Mar 22, 2011 Source:SMM

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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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


 

Key Words:  zinc Zn  

SMM Morning Review - 2011/3/22 Zinc Market

SMM Insight 09:42:27AM Mar 22, 2011 Source:SMM

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.

 

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


 

Key Words:  zinc Zn