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SMM Morning Review - 2011/11/15 Zinc Market
Nov 15, 2011 09:28SMM predicts LME zinc prices may test the 40-day moving average, and SHFE three-month zinc contract prices will fluctuate between RMB 15,100-15,400/mt on Tuesday.
SHANGHAI, Nov. 15 (SMM) -- Yesterday, LME zinc prices fluctuated higher after opening flat during Asian trading hours, but then fell back, finding strong pressure at USD 1,980/mt. Later, LME zinc prices moved above the daily moving average, with prices mainly fluctuating between USD 1,953-1,971/mt. Renewed fears of European debt crisis again depressed investor confidence, and the US dollar index strengthened to 77.6. As a result, LME zinc prices gave up some gains and finally closed at USD 1,945/mt, up USD 15/mt. As the previous week’s positive news has gradually absorbed by the market, and concerns over the European debt crisis still dominates market sentiment, SMM predicts LME zinc prices may test the 40-day moving average, and SHFE three-month zinc contract prices will fluctuate between RMB 15,100-15,400/mt, and spot discounts against SHFE 1201 zinc contract prices will move between negative RMB 0-100/mt on Tuesday.
zinc Zn
zinc price
SHFE
LME
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