SMM Morning Review - 2011/7/19 Zinc Market

Jul 19, 2011 09:37

Source:SMM

SMM expects SHFE 1110 zinc contract prices to move higher after a high open, with prices expected to move between RMB 18,500-18,800/mt today.

SHANGHAI, Jul. 19 (SMM) -- LME zinc prices mainly moved between USD 2,380-2,390/mt during Asian trading hours yesterday, but later broke through USD 2,400/mt after the ending of Asian trading hours. LME zinc cancelled warrants increased by 32,375 mt, with increases mainly in New Orleans, and spot zinc inventories fell by 4,050 mt to 880 kt, both helping boost LME zinc prices. Finally, LME zinc prices closed at USD 2,421/mt, up USD 37/mt. Trading volumes increased by 3,518 lots to 8,332 lots, while positions declined by 3,132 lots to 256,666 lots. SMM expects SHFE 1110 zinc contract prices to move higher after a high open, with prices expected to move between RMB 18,500-18,800/mt today. Spot discounts may expand further to negative RMB 450-550/mt against SHFE 1110 zinc contract prices.

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SMM Morning Review - 2011/7/19 Zinc Market

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