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SMM Morning Review - 2011/8/2 Zinc Market
Aug 2,2011 09:20CST
smm insight
Source:SMM
LME zinc prices fluctuated between USD 2,500-2,520/mt on August 1st.

SHANGHAI, Aug. 2 (SMM) -- LME zinc prices fluctuated between USD 2,500-2,520/mt on August 1st. Later, the US economic data shows that the growth of its manufacturing sector was slower than market expectations. The Purchasing Managers' Index (PMI) of US manufacturing sector was 50.9 during July, hitting a record low since July 2009. As a result, the US dollar index rebounded strongly to near 74.4, and LME zinc prices fell below USD 2,500/mt in response, with prices finally closing at USD 2,473/mt, down USD 32/mt. SMM predicts SHFE 1110 zinc contract prices may open low and move lower today, with prices expected to move between RMB 18,500-18,800/mt and with spot discounts expected to narrow to negative RMB 350-450/mt. 

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