SMM Morning Review - 2011/7/20 Zinc Market

SHANGHAI, Jul. 20 (SMM)--LME zinc prices overnight moved between USD 2,420-2,430/mt during Asian trading hours. The US housing starts was up 14.6% in June, the largest increases since January, and better than forecasts. Meanwhile, the market was expecting that Euro-zone leaders will reach an agreement on the bailout funds support to Greece at the emergency meeting this Thursday. In this context, the US dollar index plummeted in the afternoon, boosting LME zinc prices overnight to USD 2,480/mt, and with prices finally closing at USD 2,485/mt, up USD 63/mt. SHFE 1110 zinc contract prices are expected to open higher today, with prices moving between RMB 18,700-19,000/mt but meeting resistance at RMB 19,000/mt.

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