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SMM Morning Review - 2012/3/27 Zinc Market

iconMar 27, 2012 09:34
Source:SMM
SMM predicts SHFE three-month zinc contract prices will climb slightly to RMB 15,600-15,800/mt today, while spot discounts will expand to RMB 250-350/mt.

SHANGHAI, Mar. 27 (SMM) -- LME zinc prices plummeted below USD 2,000/mt to hit an intraday low of USD 1,988/mt during Asian trading hours yesterday. The US Federal Reserve (Fed) Chairman Ben Bernanke said that the US economy needs to grow more quickly to get unemployment down, leading investors to take on more risk on hopes the Fed could conduct another round of quantitative easing. As a result, the US dollar softened and the euro strengthened, helping boost LME zinc prices to close at USD 2,027/mt, up USD 18/mt.

Bernanke's comments fanned expectations for more asset purchases by the Fed, which may temper market concerns. SMM predicts SHFE three-month zinc contract prices will climb slightly to RMB 15,600-15,800/mt today, while spot discounts will expand to RMB 250-350/mt.

 

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