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SMM Zinc Price Forecast (Jul. 16-20)
Jul 16,2012 16:52CST
price review forecast
Source:SMM
China's 2Q GDP growth was 7.6%, and largely in line with market expectations and a sign that China's domestic economic growth has slowed.

SHANGHAI, Jul. 16 (SMM) – China's 2Q GDP growth was 7.6%, and largely in line with market expectations and a sign that China's domestic economic growth has slowed. Italy's sovereign debt rating was downgraded and markets turned cautious after absorbing previous positive news. Next week, the US dollar index should continue to rise and find support at the 5-day moving average. Due to high inventories, LME zinc prices should lose support at all the moving averages and move between USD 1,800-1,850/mt. Since markets are now expecting more stimulus policies from China's central bank due to the lower GDP growth, SHFE three-month zinc contract prices should fluctuate between RMB 14,300-14,800/mt, with spot discounts narrowing to RMB 60-90/mt after the delivery date.
 

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