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SMM Morning Review - 2011/12/16 Zinc Market
Dec 16,2011 09:31CST
smm insight
Source:SMM
LME zinc prices stopped falling to fluctuate between USD 1,840-1,880/mt, and finally closed at USD 1,868/mt.

SHANGHAI, Dec. 16 (SMM) – The US dollar index remained fluctuating yesterday. The number of US jobless claims for the week ending December 10th fell to the lowest since May 2008, and the manufacturing sentiment index was up from November's, boosting US stocks. In this context, LME zinc prices stopped falling to fluctuate between USD 1,840-1,880/mt, and finally closed at USD 1,868/mt, up USD 21.8/mt. Trading volumes decreased by 2,110 lots to 8,248 lots, and total position increased by 2,855 lots to 279,763 lots. Despite LME zinc prices overnight stopped declines due to positive US economic data, the weakening Shanghai Composite Index will still negatively affect SHFE zinc prices. In this context, SHFE 1203 zinc contract prices should move between RMB 14,600-14,900/mt, with discounts between negative RMB 0-100/mt.
 

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