SMM Morning Review - 2011/8/5 Zinc Market

Aug 5, 2011 09:09

LME zinc prices overnight fluctuated between USD 2,380-2,390/mt during Asian trading hours.

SHANGHAI, Aug. 5 (SMM) -- LME zinc prices overnight fluctuated between USD 2,380-2,390/mt during Asian trading hours. As the market was cautious ahead of new US non-farm employment data, US stocks closed with significant declines. The Dow Jones Industrial Average was down 513 to 11,384, with a drop of 4.31%. The Nasdaq Composite Index fell 137, to close at 2,556, down 5%. LME zinc prices edged down to USD 2,340/mt, below the 30-day moving average, and finally closed at USD 2,340/mt, down USD 57/mt. SHFE 1110 zinc contract prices are expected to open low and move lower today, fluctuating between RMB 17,800-18,100/mt, with spot discounts narrowing to negative RMB 250-350/mt.

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LME zinc prices

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SMM Morning Review - 2011/8/5 Zinc Market

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