SMM Morning Review - 2012/5/30 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2012/5/30 Zinc Market

SMM Insight 10:14:27AM May 30, 2012 Source:SMM

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.
 

Key Words:  LME zinc prices  

SMM Morning Review - 2012/5/30 Zinc Market

SMM Insight 10:14:27AM May 30, 2012 Source:SMM

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.
 

Key Words:  LME zinc prices