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SMM Morning Review - 2011/11/24 Zinc Market
Nov 24,2011 10:21CST
smm insight
Source:SMM
HSBC'S PMI in November fell to 48, lower than 51 in October, and the lowest since March 2009, causing market concerns to improve.

SHANGHAI, Nov. 24 (SMM) – HSBC'S PMI in November fell to 48, lower than 51 in October, and the lowest since March 2009, causing market concerns to improve. As a result, LME zinc prices inched down. Demand in the Germany government bonds auction unexpectedly weakened, further plaguing the market. The US dollar index surged to 79, weighing down LME zinc prices to USD 1,885/mt. At the end of trading, LME zinc prices rallied and finally closed at USD 1,916/mt, down USD 34/mt. Trading volumes increased by 2,221 lots to 8,709 lots, and total position decreased by 1,389 lots to 276,516 lots. LME inventories fell by 1,275 mt, to 744,000 mt, with spot discounts narrowing to USD 4/mt. With regard to today's price forecast, please see SMM Morning Meeting Minutes.
 

LME zinc prices

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