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SMM Morning Review - 2011/8/9 Zinc Market
Aug 9,2011 09:30CST
price review forecast
Source:SMM
LME zinc prices mainly moved between USD 2,150-2,200/mt yesterday

SHANGHAI, Aug. 9 (SMM) -- LME zinc prices mainly moved between USD 2,150-2,200/mt yesterday, and concerns triggered by the downgrade of US’s credit rating remained existent. President Obama’s remarks at night once caused US stocks to rebound briefly, with Dow Jones Industrial Average climbing above 11,000 points, but US stocks fell back again after short-term positive effects from Obama’s remarks were absorbed by markets, with Dow Jones Industrial Average falling below 11,000 points for the first time since the beginning of 2011. As a result, LME zinc prices plummeted to a record low of USD 2,034/mt, with prices later rising slightly at the tail of trading and finally closing at USD 2,089/mt, down USD 135/mt, or down over 6%. SMM predicts SHFE 1110 zinc contract prices will likely open lower again to test RMB 16,000/mt today, with prices expected to move between RMB 16,000-16,300/mt. Spot discounts are expected to narrow further to negative RMB 100/mt.     

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