SMM Morning Review - 2012/2/15 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2012/2/15 Zinc Market

SMM Insight 09:22:27AM Feb 15, 2012 Source:SMM

SHANGHAI, Feb. 15 (SMM) – Market concerns improved as eurozone finance ministers canceled the meeting in Brussels and held a teleconference instead, while US seasonally adjusted retail and catering service sales value in January rose 0.4% compared to last December, to USD 401.4 billion, compared to previous forecast of a 0.9% increase. In this context, the US dollar index rebounded to 79, weighing down LME zinc prices to close at USD 2,040/mt, down USD 28.5/mt. Whether or not Greece will finally receive bailout fund is dominating the market, and transactions were muted during Asian trading hours. SHFE three-month zinc contract prices should fall to move between RMB 15,750-16,050/mt today, with spot discounts between RMB 250-350/mt.
 

Key Words:  zinc prices 

SMM Morning Review - 2012/2/15 Zinc Market

SMM Insight 09:22:27AM Feb 15, 2012 Source:SMM

SHANGHAI, Feb. 15 (SMM) – Market concerns improved as eurozone finance ministers canceled the meeting in Brussels and held a teleconference instead, while US seasonally adjusted retail and catering service sales value in January rose 0.4% compared to last December, to USD 401.4 billion, compared to previous forecast of a 0.9% increase. In this context, the US dollar index rebounded to 79, weighing down LME zinc prices to close at USD 2,040/mt, down USD 28.5/mt. Whether or not Greece will finally receive bailout fund is dominating the market, and transactions were muted during Asian trading hours. SHFE three-month zinc contract prices should fall to move between RMB 15,750-16,050/mt today, with spot discounts between RMB 250-350/mt.
 

Key Words:  zinc prices