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SMM Morning Review - 2011/12/1 Zinc Market
Dec 1,2011 10:05CST
smm insight
Source:SMM
LME zinc prices overnight generally moved between USD 1,930-1,950/mt during Asian trading hours.

SHANGHAI, Dec. 1 (SMM) – LME zinc prices overnight generally moved between USD 1,930-1,950/mt during Asian trading hours. China's Central Bank announced it will cut deposit reserve ratio by 50 basis points, while the US Federal Reserve, European Central Bank, Bank of Canada, Bank of England, Bank of Japan and Bank of Switzerland said in a joint statement they agreed to cut the cost of existing dollar swap lines by 50 basis points from 5 December, and will provide liquidity to the financial market through other measures. As a result, LME zinc prices touched USD 2,112/mt as a time, and finally closed at USD 2,063/mt, up USD 103.5/mt. As the cut of deposit reserve ratio by China's Central Bank boosted market confidence, SHFE three-month zinc contract prices should open higher and moved higher, rising by the daily trading limit to RMB 15,750-16,100/mt, and spot zinc prices should be RMB 100-200/mt below SHFE 1202 zinc contract prices.
 

LME zinc prices

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