SMM Morning Review - 2012/7/12 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2012/7/12 Zinc Market

Price Review & Forecast 10:41:31AM Jul 12, 2012 Source:SMM

SHANGHAI, Jul. 12 (SMM) – LME zinc prices overnight rose slightly after opening and moved between USD 1,830-1,850/mt in the morning session. Spanish prime minister announced a new round of tightening measure totaling EUR 65 billion to achieve the target reached with euro zone countries to reduce positions, while the minute of the US Federal Reserve did not mention QE3 implementation, allowing LME zinc prices to fluctuate. As the US dollar index weakened near the end of trading, LME zinc prices rose and touched an intraday high USD 1,853/mt, and finally closed at USD 1,849.3/mt, up USD 16.3/mt, or 0.89%.

LME zinc prices should move between USD 1,840-1,860/mt today, and SHFE three-month zinc contract prices should move between RMB 14,600-14,750/mt, with spot discounts between RMB 90-110/mt.
 

Key Words:  LME zinc prices 

SMM Morning Review - 2012/7/12 Zinc Market

Price Review & Forecast 10:41:31AM Jul 12, 2012 Source:SMM

SHANGHAI, Jul. 12 (SMM) – LME zinc prices overnight rose slightly after opening and moved between USD 1,830-1,850/mt in the morning session. Spanish prime minister announced a new round of tightening measure totaling EUR 65 billion to achieve the target reached with euro zone countries to reduce positions, while the minute of the US Federal Reserve did not mention QE3 implementation, allowing LME zinc prices to fluctuate. As the US dollar index weakened near the end of trading, LME zinc prices rose and touched an intraday high USD 1,853/mt, and finally closed at USD 1,849.3/mt, up USD 16.3/mt, or 0.89%.

LME zinc prices should move between USD 1,840-1,860/mt today, and SHFE three-month zinc contract prices should move between RMB 14,600-14,750/mt, with spot discounts between RMB 90-110/mt.
 

Key Words:  LME zinc prices