SMM Morning Review - 2011/9/29 Zinc Market

SHANGHAI, Sept. 29 (SMM)--EU, European Central Bank and IMF decided to return to Greece to inspect the implementation of the austerity plan, while Germany gave hints that the new bailout plan needs further discussion, depressing market confidence. LME zinc prices overnight fluctuated around USD 1,900/mt and finally closed at USD 1,906/mt, down USD 77/mt. SHFE three-month zinc contract prices should open lower and fall to RMB 14,600-14,900/mt, with spot premiums between RMB 0-50/mt. Downstream buyers should purchase at lower prices during the last two trading days ahead of the National Day holiday.