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SMM Morning Review - 2011/8/23 Zinc Market
Aug 23,2011 09:45CST
price review forecast
Source:SMM
SMM predicts SHFE 1111 zinc contract prices will move between RMB 16,700-17,000/mt today, and spot zinc prices will be firm, with discounts expected to remain between negative RMB 150-250/mt.

SHANGHAI, Aug. 23 (SMM) -- Most base metals prices closed with declines on the LME market yesterday. A stronger US dollar and market concerns over the global economic growth caused LME zinc prices to slip again at night. Markets were focused on the US Federal Reserve meeting to be held on Friday, but market expectations that the US Federal Reserve will launch a third round of quantitative easing (QE3) weakened, helping boost the US dollar index to 74.1. As a result, LME zinc prices dipped and finally closed at USD 2,158/mt, down USD 59/mt. SMM expects SHFE 1111 zinc contract prices to open lower today. HSBC China PMI for August will be released today, and investors will remain cautious ahead of the release of this data. SMM predicts SHFE 1111 zinc contract prices will move between RMB 16,700-17,000/mt today, and spot zinc prices will be firm, with discounts expected to remain between negative RMB 150-250/mt.  

 

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