SMM Morning Review - 2011/5/10 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2011/5/10 Zinc Market

SMM Insight 10:08:55AM May 10, 2011 Source:SMM

SHANGHAI, May 10 (SMM) -- LME zinc prices moved between USD 2,140-2,200/mt yesterday. Later, Standard & Poor’s cut Greece’s credit rating to B from BB- and kept its outlook negative as investor expectations of a debt restructuring continue to rise. As a result, the US dollar index strengthened to 75 in European trading hours, helping limit any gains in LME zinc prices. LME zinc prices failed to break through USD 2,200/mt after several attempts, and finally closed at USD 2,176/mt, up USD 30/mt. Trading volumes fell by 2,957 lots to 6,617 lots, while positions increased by 1,273 lots to 246,034 lots. SMM predicts SHFE zinc prices will rebound today, with pressure still expected at RMB 17,000/mt.  

 

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 price  zinc Zn 

SMM Morning Review - 2011/5/10 Zinc Market

SMM Insight 10:08:55AM May 10, 2011 Source:SMM

SHANGHAI, May 10 (SMM) -- LME zinc prices moved between USD 2,140-2,200/mt yesterday. Later, Standard & Poor’s cut Greece’s credit rating to B from BB- and kept its outlook negative as investor expectations of a debt restructuring continue to rise. As a result, the US dollar index strengthened to 75 in European trading hours, helping limit any gains in LME zinc prices. LME zinc prices failed to break through USD 2,200/mt after several attempts, and finally closed at USD 2,176/mt, up USD 30/mt. Trading volumes fell by 2,957 lots to 6,617 lots, while positions increased by 1,273 lots to 246,034 lots. SMM predicts SHFE zinc prices will rebound today, with pressure still expected at RMB 17,000/mt.  

 

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 price  zinc Zn