SMM Zinc Market Morning Review (2012-10-19)

Oct 19, 2012 09:53

LME zinc prices overnight opened at USD 1,926/mt, and once touched USD 1,938/mt as the US dollar index weakened.

SHANGHAI, Oct. 19 (SMM) – LME zinc prices overnight opened at USD 1,926/mt, and once touched USD 1,938/mt as the US dollar index weakened. But China’s 3Q GDP showed economic growth slowed, LME zinc prices lost previous gains, and fluctuated in the afternoon. The number of initial US jobless claims jumped unexpectedly to 388,000, pushing up the US dollar index to the 5-day moving average. As a result, LME zinc prices plunged and finally closed at USD 1,922/mt, down USD 2.5/mt. LME zinc inventories surged by 56,975 mt, to 1,116,625 mt.

LME zinc prices are expected to rise to USD 1,920-1,930/mt today, and SHFE 1301 zinc contract prices should move between RMB 15,150-15,250/mt, with spot discounts between RMB 170-210/mt.

LME zinc prices

SHFE zinc prices

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SMM Zinc Market Morning Review (2012-10-19)

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