Home / Metal News / Copper / SMM Zinc Market Morning Review (2012-10-25)
SMM Zinc Market Morning Review (2012-10-25)
Oct 25,2012 11:09CST
price review forecast
Source:SMM
LME zinc prices overnight opened at USD 1,854/mt.

SHANGHAI, Oct. 25 (SMM) – LME zinc prices overnight opened at USD 1,854/mt. HSBC's initial PMI for China was 49.1%, up 1.2% compared to the final data in September, and hit a three-month high. LME zinc prices once touched USD 1,871/mt and fluctuated at high levels, but with resistance at the 5-day moving average, LME zinc prices entered downward track. Eurozone October initial PMI was 45.3, and Germany's October initial PMI was 45.7, both lower than the previous data. As a result, LME zinc prices dipped to USD 1,842.5/mt. As US September home sales were better than the previous data and expectations, market concerns eased, pushing up LME zinc prices. But since the US Federal Reserve did not expand QE3 at the end of the trading, market confidence was depressed. LME zinc prices finally closed at USD 1,861.8/mt, up USD 7.8/mt. LME zinc inventories fell by 2,875 mt, to 1,109,975 mt.

LME zinc prices are expected to fall to USD 1,860-1,880/mt today, and SHFE 1301 zinc contract prices should move between RMB 14,800-14,950/mt, with spot discounts between RMB 110-140/mt.

 

LME zinc prices
SHFE zinc prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news