SMM Morning Review - 2011/8/24 Zinc Market

Aug 24, 2011 09:46

Boosted by better-than-forecast HSBC PMI for August, LME zinc prices overnight moved steadily between USD 2,160-2,180/mt during Asian trading hours.

SHANGHAI, Aug. 24 (SMM)--Boosted by better-than-forecast HSBC PMI for August, LME zinc prices overnight moved steadily between USD 2,160-2,180/mt during Asian trading hours. Due to the poor economic data for major economies, and since US new home sales in July hit a five-month low, which triggered speculations that the US Federal Reserve will announce the QE3 policy at the meeting this Friday, the US dollar index weakened to 74. As a result, LME zinc prices surged to USD 2,200/mt, and finally closed at USD 2,205/mt, up USD 47/mt. SHFE 1111 zinc contract prices should open higher, moving between RMB 16,850-17,150/mt. Spot discounts will expand slightly, but spot prices should rise.

LME zinc prices

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SMM Morning Review - 2011/8/24 Zinc Market

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