SMM Morning Review - 2012/6/15 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2012/6/15 Zinc Market

Data Analysis 10:01:48AM Jun 15, 2012 Source:SMM

SHANGHAI, Jun. 15 (SMM) – LME zinc prices overnight opened at USD 1,882.5/mt. Due to weak US dollar index, LME zinc prices rose to the 10-day moving average, hovering between USD 1,880-1,890/mt during the day. Expectations that US Federal Reserve will release more stimulus policies as US jobless claims for the week unexpectedly rose. Besides news was reported that if the result of Greece's general election turns out negative, central banks will take joint action to inject capital to the market.

As a result, LME zinc prices surged and touched an intraday high at USD 1,891.5/mt, and finally closed at USD 1,883/mt, up USD 2/mt.

LME zinc prices should move between USD 1,880-1,910/mt today, and SHFE three-month zinc contract prices should move between RMB 14,800-14,950/mt, with spot discounts expanding to RMB 90-130/mt.

 

SMM Morning Review - 2012/6/15 Zinc Market

Data Analysis 10:01:48AM Jun 15, 2012 Source:SMM

SHANGHAI, Jun. 15 (SMM) – LME zinc prices overnight opened at USD 1,882.5/mt. Due to weak US dollar index, LME zinc prices rose to the 10-day moving average, hovering between USD 1,880-1,890/mt during the day. Expectations that US Federal Reserve will release more stimulus policies as US jobless claims for the week unexpectedly rose. Besides news was reported that if the result of Greece's general election turns out negative, central banks will take joint action to inject capital to the market.

As a result, LME zinc prices surged and touched an intraday high at USD 1,891.5/mt, and finally closed at USD 1,883/mt, up USD 2/mt.

LME zinc prices should move between USD 1,880-1,910/mt today, and SHFE three-month zinc contract prices should move between RMB 14,800-14,950/mt, with spot discounts expanding to RMB 90-130/mt.