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SMM Morning Review - 2011/10/25 Zinc Market
Oct 25,2011 10:04CST
price review forecast
Source:SMM
SMM predicts SHFE three-month zinc contract prices may open higher but edge lower today, with prices expected to move between RMB 14,750-15,050/mt.

SHANGHAI, Oct. 25 (SMM) -- During Asian trading hours, HSBC released that Purchasing Managers Index (PMI) for China’s manufacturing sector stood at 51.1 in October, up from 49.9 in September, with the index standing above 50% for the first time within four months. The positive PMI data helped boost market sentiment. Later, French Prime Minister Francois Fillon said that real progress has been made in an integrated solution to the European debt crisis, helping push up market optimism. As a result, the euro strengthened, and the US dollar index fell to 76.2 in response. LME zinc prices fluctuated between USD 1,880-1,890/mt, with prices finally closing at USD 1,885/mt, up USD 69.5/mt. SMM predicts SHFE three-month zinc contract prices may open higher but edge lower today, with prices expected to move between RMB 14,750-15,050/mt. Spot premiums against SHFE 1201 zinc contract prices will likely fall to positive RMB 0-50/mt.  
 
 

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