SMM Zinc Price Forecast (Jul.30-Aug.3)-Shanghai Metals Market

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SMM Zinc Price Forecast (Jul.30-Aug.3)

Price Review & Forecast 05:58:14PM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – European Central Bank President Mario Draghi said the ECB will protect the euro at any expense, news that sent European and US stocks surging upward. Zinc prices will continue to be dominated by euro zone news in the coming week since market fundamentals have not improved. In the coming week, LME zinc prices should fluctuate between USD 1,800-1,850/mt since they lack upward momentum and since LME inventories are high at 1 million mt. Domestic spot prices will find support since smelters have significantly cut output. With the availability of imported zinc, the price spread between domestic and imported zinc should expand. In the coming week, SHFE three-month zinc contract prices should move between RMB 14,400-14,700/mt, and the SHFE/LME zinc price ratio should remain high. Domestic zinc prices should hold firm, with spot discounts between RMB 50-80/mt.
 

Key Words:  zinc prices  

SMM Zinc Price Forecast (Jul.30-Aug.3)

Price Review & Forecast 05:58:14PM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – European Central Bank President Mario Draghi said the ECB will protect the euro at any expense, news that sent European and US stocks surging upward. Zinc prices will continue to be dominated by euro zone news in the coming week since market fundamentals have not improved. In the coming week, LME zinc prices should fluctuate between USD 1,800-1,850/mt since they lack upward momentum and since LME inventories are high at 1 million mt. Domestic spot prices will find support since smelters have significantly cut output. With the availability of imported zinc, the price spread between domestic and imported zinc should expand. In the coming week, SHFE three-month zinc contract prices should move between RMB 14,400-14,700/mt, and the SHFE/LME zinc price ratio should remain high. Domestic zinc prices should hold firm, with spot discounts between RMB 50-80/mt.
 

Key Words:  zinc prices