SMM Zinc Market Morning Review (2012-10-22)

Oct 22, 2012 09:32

LME zinc prices overnight opened at USD 1,922/mt, and dipped after touching USD 1,925/mt.

SHANGHAI, Oct. 22 (SMM) – LME zinc prices overnight opened at USD 1,922/mt, and dipped after touching USD 1,925/mt. As the EU summit did not result in positive news, the US dollar index rose. Besides, US September home sales dropped slightly, pushing down LME zinc prices to USD 1,895-1,905/mt, and since large numbers of shorts entered the market, LME zinc prices plunged and finally closed at USD 1,882/mt, down USD 40/mt. LME zinc inventories fell by 550 mt, to 1,116,075 mt.

LME zinc prices are expected to fall to USD 1,880-1,900/mt today, and SHFE 1301 zinc contract prices should move between RMB 14,850-15,050/mt, with spot discounts between RMB 130-170/mt.

LME zinc prices

SHFE zinc prices

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SMM Zinc Market Morning Review (2012-10-22)

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