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Home / Metal News / SMM Morning Review - 2012/5/30 Zinc Market

SMM Morning Review - 2012/5/30 Zinc Market

iconMay 30, 2012 10:14
LME zinc prices overnight opened at USD 1,908/mt during Asian trading hours and hovered between USD 1,900-1,915/mt later in the day.

SHANGHAI, May 30 (SMM) – LME zinc prices overnight opened at USD 1,908/mt during Asian trading hours and hovered between USD 1,900-1,915/mt later in the day. Spain's credit rating was further downgraded, while US CCI for May was 64.9, lower than previous 69.2. On the other hand, Dallas Federal Reserve's manufacturing index in May was 5.5, also lower than previous 5.6. In this context, LME zinc prices dipped to USD 1,902/mt, and finally closed at USD 1,910/mt, up USD 1.3/mt. Trading volumes decreased by 464 lots to 5,624 lots, and total position increased by 2,160 lots to 275,916 lots.

LME zinc prices should consolidate USD 1,900/mt level today, moving between USD 1,900-1,930/mt. SHFE three-month zinc contract prices should move between RMB 14,950-15,150/mt today, with spot discounts expanding to RMB 120-170/mt.
 

LME zinc prices
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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