SMM Zinc Market Morning Review (2012-10-17)

Oct 17, 2012 09:56

LME zinc prices overnight opened at USD 1,922/mt. LME zinc prices gained upward momentum and touched USD 1,934.3/mt due to the falling US dollar index.

SHANGHAI, Oct. 17 (SMM) – LME zinc prices overnight opened at USD 1,922/mt. LME zinc prices gained upward momentum and touched USD 1,934.3/mt due to the falling US dollar index. Germany's and eurozone October ZEW Economic Sentiment Index and US September improved slightly, but due to high inventories, LME zinc prices fell. As large numbers of shorts entered the market, LME zinc prices once dipped to USD 1,896.5/mt, and rallied to close at USD 1,906.5/mt, down USD 11.5/mt. LME zinc inventories grew by 24,550 mt, to 1,061,175 mt.

LME zinc prices are expected to move between USD 1,900-1,920/mt today, and SHFE 1301 zinc contract prices should move between RMB 15,100-15,250/mt, with spot discounts between RMB 180-220/mt.

LME zinc prices

SHFE zinc prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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SMM Zinc Market Morning Review (2012-10-17)

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