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SMM Morning Review - 2011/8/29 Zinc Market
Aug 29,2011 10:49CST
price review forecast
Source:SMM
Last Friday, LME zinc prices overnight fluctuated between USD 2,200-2,220/mt since the market was waiting for Bernanke’s statement.

SHANGHAI, Aug. 29 (SMM)--Last Friday, LME zinc prices overnight fluctuated between USD 2,200-2,220/mt since the market was waiting for Bernanke’s statement. But Bernanke did not announcement the implementation of QE3 later the day, and said the Fed’s September meeting will be extended to two days, rather just the one day previously set, so as to make further stimulus plans. The market understood the implementation of QE3 is put off, pushing up the US stocks and causing LME zinc prices to pare previous losses, with prices finally closing at USD 2,252/mt, up USD 22/mt. China’s central bank ordered commercial banks to include their margin deposits in required reserves to mop up excessive liquidity. SHFE 1111 zinc contract prices should open slightly higher, moving between RMB 16,850-17,150/mt. Spot discounts against SHFE 1110 zinc contract prices should remain below negative RMB 100/mt, with downstream buying interest low at the end of the month.
 

LME zinc prices

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