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SMM Morning Review - 2011/9/9 Zinc Market
Sep 9, 2011 09:11LME zinc opened at USD 2,240/mt, picking up the momentum from Obama planning to develop new economic stimulus plan.
SHANGHAI, Sept. 9 (SMM)--LME zinc opened at USD 2,240/mt, picking up the momentum from Obama planning to develop new economic stimulus plan, although had dipped to USD 2,210/mt, prices once surged to USD 2,269/mt. As Bernanke failing to mention any specific plan to revitalize the economy triggered market concerns, LME zinc prices fell to close at USD 2,243/mt, stabilizing at the 10-day moving average. Trading volumes decreased by 1,037 lots to 5,021 lots, while total positions increased by 965 lots to 247,409 lots. SHFE three-month zinc contract prices should open slightly higher, moving between RMB 16,950-17,250/mt. The market will be cautious ahead of the release of new economic data and the weekend. Spot discounts against SHFE three-month zinc contract prices should expand to negative RMB 180-250/mt.
LME zinc
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