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SMM Morning Review - 2011/8/1 Zinc Market
Aug 1,2011 09:32CST
smm insight
Source:SMM
Last Friday, the news that the US failed to reach an agreement on the debt limit issue plagued the market.

SHANGHAI, Aug. 1 (SMM)--Last Friday, the news that the US failed to reach an agreement on the debt limit issue plagued the market. Meanwhile, US GDP for the second quarter rose 1.3%, smaller than the forecast of a 1.8% increase. In this context, LME zinc prices plunged to USD 2,474/mt, then rallied as the US dollar index plummeted to 73.7 at the end of trading, with prices closing at USD 2,505/mt, down USD 21/mt. SHFE 1110 zinc contract prices are expected to move between RMB 18,650-18,950/mt today, with spot discounts narrowing to negative RMB 500-600/mt.

 

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