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SMM Morning Review - 2011/10/18 Zinc Market

iconOct 18, 2011 10:25
Source:SMM
SMM predicts SHFE three-month zinc contract prices will fluctuate between RMB 15,000-15,300/mt, while spot premiums against SHFE 1112 zinc contract prices should remain zero or positive RMB 100/mt.

SHANGHAI, Oct. 18 (SMM) -- LME zinc prices generally moved between USD 1,930-1,950/mt during Asian trading hours yesterday. Later, German finance minister said the resolution to European debt crisis will not be released on the European Union Summit on October 23rd, spurring market concerns that the debt crisis will deteriorate further. In addition, the index of manufacturing activity in October published by the Federal Reserve Bank of New York contracted for the fifth consecutive month, with new orders unchanged and the outlook weak over the next few months. As a result, the US dollar index climbed to 77, while LME zinc prices dipped below USD 1,900/mt in response, hitting a low of USD 1,894/mt, but brisk buying at lower prices helped LME zinc prices finally close at USD 1,902/mt. SHFE three-month zinc contract prices are expected to move lower after a low open today, and focus should be put on the upcoming China’s 3Q GDP. SMM predicts SHFE three-month zinc contract prices will fluctuate between RMB 15,000-15,300/mt, while spot premiums against SHFE 1112 zinc contract prices should remain zero or positive RMB 100/mt. 
 
 

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