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SMM Morning Review - 2012/2/28 Zinc Market

iconFeb 28, 2012 09:37
SMM predicts SHFE three-month zinc contract prices will try to break through RMB 16,000/mt today, with prices expected to hover between RMB 15,850-16,050/mt.

SHANGHAI, Feb. 28 (SMM) -- LME zinc prices fluctuated between USD 2,060-2,080/mt during Asian trading hours yesterday. Data shows that US pending home sales rose to their highest level in 21 months, and the pending home sales index increased by 2% to 97.0. Positive US home data pushed up LME zinc prices to break through USD 2,100/mt, with LME zinc prices finally closing at USD 2,092.5/mt, up USD 15/mt.  

SMM predicts SHFE three-month zinc contract prices will try to break through RMB 16,000/mt today, with prices expected to hover between RMB 15,850-16,050/mt, while spot discounts will expand slightly to RMB 330-430/mt.

 

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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