SMM Morning Review - 2012/7/30 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2012/7/30 Zinc Market

Price Review & Forecast 10:19:54AM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – LME zinc prices last Friday opened at USD 1,817.8/mt during Asian trading hours, and rose slightly as the US dollar index weakened. The euro against the US dollar rose to a three-week high, while German Chancellor Angela Merkel and French President Hollande stated they will protect the euro zone as possible as they can. Besides, US Commerce Department announced US GDP during 2Q was 1.5%, compared to the 1% estimated, while the increase during 1Q was 2.0%. US economy has been growing for 12 consecutive months, but failed to help reduce the unemployment rate, so expectations that the US Federal Reserve and European central bank will take additional stimulus policies continue to grow. In this context, LME zinc prices surged to USD 1,858/mt, and finally closed at USD 1,854/mt, up USD 38/mt or 2.09%.

LME zinc prices should move between USD 1,840-1,860/mt today, and SHFE three-month zinc contract prices should move between RMB 14,550-14,750/mt, with spot discounts between RMB 60-100/mt.
 

Key Words:  zinc prices 

SMM Morning Review - 2012/7/30 Zinc Market

Price Review & Forecast 10:19:54AM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – LME zinc prices last Friday opened at USD 1,817.8/mt during Asian trading hours, and rose slightly as the US dollar index weakened. The euro against the US dollar rose to a three-week high, while German Chancellor Angela Merkel and French President Hollande stated they will protect the euro zone as possible as they can. Besides, US Commerce Department announced US GDP during 2Q was 1.5%, compared to the 1% estimated, while the increase during 1Q was 2.0%. US economy has been growing for 12 consecutive months, but failed to help reduce the unemployment rate, so expectations that the US Federal Reserve and European central bank will take additional stimulus policies continue to grow. In this context, LME zinc prices surged to USD 1,858/mt, and finally closed at USD 1,854/mt, up USD 38/mt or 2.09%.

LME zinc prices should move between USD 1,840-1,860/mt today, and SHFE three-month zinc contract prices should move between RMB 14,550-14,750/mt, with spot discounts between RMB 60-100/mt.
 

Key Words:  zinc prices