SMM Morning Review - 2012/5/18 Zinc Market

SHANGHAI, May 18 (SMM) – LME zinc prices overnight once touched USD 1,919.5/mt during Asian trading hours. As Greece will launch another general election, support for the left wing party opposing fiscal austerity surged, causing concerns over euro zone to grow. Besides, the Philadelphia Fed's manufacturing data hit a new low since last September, and April leading indicator reported the first decline in seven months, depressing market sentiment. As a result, LME zinc prices gave back previous gains and closed at USD 1,900/mt, up USD 10.8/mt. Trading volumes increased by 579 lots to 9,731 lots, and total position decreased by 4,485 lots to 264,949 lots.