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SMM Zinc Market Morning Review (2012-10-26)
Oct 26,2012 09:24CST
price review forecast
Source:SMM
LME zinc prices overnight opened at USD 1,863.8/mt, and fluctuated narrowed during the Asian trading hours, once touching USD 1,874.8/mt.

SHANGHAI, Oct. 26 (SMM) – LME zinc prices overnight opened at USD 1,863.8/mt, and fluctuated narrowed during the Asian trading hours, once touching USD 1,874.8/mt. England's 3Q GDP improved slightly, but the market believed that is due to the Olympic Games factor, so base metals prices were not boosted apparently. LME zinc prices entered downward track. US employment date improved, but Kansas City Federal Reserve's October manufacturing index slid sharply, and the US dollar index broke through 80. As a result, LME zinc prices dipped to USD 1,837/mt and finally closed at USD 1,843.3/mt, down USD 18.5/mt. LME zinc inventories grew by 35,950 mt, to 1,145,925 mt.

LME zinc prices are expected to fall to USD 1,830-1,860/mt today, and SHFE 1301 zinc contract prices should move between RMB 14,800-14,900/mt, with spot discounts between RMB 120-150/mt.

 

LME zinc prices
SHFE zinc prices

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