SMM Morning Review - 2012/7/9 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2012/7/9 Zinc Market

Price Review & Forecast 09:44:38AM Jul 09, 2012 Source:SMM

SHANGHAI, Jul. 9 (SMM) – LME zinc prices last Friday climbed to USD 1,871/mt after opening, and then moved between USD 1,850-1,870/mt during Asian trading hours. The number of US non-farm employment did not rise as expected, and unemployment rate remained above 8%. Expectations of QE3 implementation were depressed. As a result, the US dollar index surged and broke through 83, and the dollar against the euro rose to a two-year high, pushing down LME zinc prices to USD 1,828/mt. Later in the day, LME zinc prices rebounded slightly and finally closed at USD 1,839.5/mt, down USD 26.5/mt, or 1.42%.

LME zinc prices should move between USD 1,820-1,840/mt today, and SHFE three-month zinc contract prices should move between RMB 14,550-14,700/mt, with spot discounts between RMB 60-90/mt.
 

Key Words:  zinc prices 

SMM Morning Review - 2012/7/9 Zinc Market

Price Review & Forecast 09:44:38AM Jul 09, 2012 Source:SMM

SHANGHAI, Jul. 9 (SMM) – LME zinc prices last Friday climbed to USD 1,871/mt after opening, and then moved between USD 1,850-1,870/mt during Asian trading hours. The number of US non-farm employment did not rise as expected, and unemployment rate remained above 8%. Expectations of QE3 implementation were depressed. As a result, the US dollar index surged and broke through 83, and the dollar against the euro rose to a two-year high, pushing down LME zinc prices to USD 1,828/mt. Later in the day, LME zinc prices rebounded slightly and finally closed at USD 1,839.5/mt, down USD 26.5/mt, or 1.42%.

LME zinc prices should move between USD 1,820-1,840/mt today, and SHFE three-month zinc contract prices should move between RMB 14,550-14,700/mt, with spot discounts between RMB 60-90/mt.
 

Key Words:  zinc prices