SMM Morning Review - 2011/3/24 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2011/3/24 Zinc Market

SMM Insight 09:06:35AM Mar 24, 2011 Source:SMM

SHANGHAI, Mar. 24 (SMM)--The US new home sales for February plunged by 16.9% to a record low annual rate of 250,000 units. The US dollar index rebounded to 75.9 from 75.4. But investors increased purchases on speculations that metal demand from Japan for reconstruction will increase as a result of the huge earthquake and nuclear crisis. Moreover, SHFE lead contracts will start trading on March 24th. In this context, LME zinc prices overnight rose by USD 43/mt to close at USD 2,350/mt, above the 5-day moving average. Transactions were active, with trading volumes increasing by nearly 20,000 lots to 73,390 lots and total positions increasing by 2,000 lots to 231,462 lots. SHFE zinc prices are expected to rise further today due to the trade of SHFE lead contracts.

 

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  

SMM Morning Review - 2011/3/24 Zinc Market

SMM Insight 09:06:35AM Mar 24, 2011 Source:SMM

SHANGHAI, Mar. 24 (SMM)--The US new home sales for February plunged by 16.9% to a record low annual rate of 250,000 units. The US dollar index rebounded to 75.9 from 75.4. But investors increased purchases on speculations that metal demand from Japan for reconstruction will increase as a result of the huge earthquake and nuclear crisis. Moreover, SHFE lead contracts will start trading on March 24th. In this context, LME zinc prices overnight rose by USD 43/mt to close at USD 2,350/mt, above the 5-day moving average. Transactions were active, with trading volumes increasing by nearly 20,000 lots to 73,390 lots and total positions increasing by 2,000 lots to 231,462 lots. SHFE zinc prices are expected to rise further today due to the trade of SHFE lead contracts.

 

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