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SMM Zinc Market Morning Review (2012-10-30)
Oct 30,2012 10:01CST
price review forecast
Source:SMM
Overall economic news was negative yesterday. Japan's annual rate of September retail sales was 0.4%, much lower than the previous data, showing Japan's consumption was still weak.

SHANGHAI, Oct. 30 (SMM) – Overall economic news was negative yesterday. Japan's annual rate of September retail sales was 0.4%, much lower than the previous data, showing Japan's consumption was still weak. LME zinc prices overnight opened at USD 1,832.8/mt, and touched USD 1,847/mt in the morning trading. As the US dollar index stood at 80, LME zinc prices were pushed down. The annual rate of US September core personal consumption spending was 1.7%, and Germany's October consumer price index was initially 2.0%, both better than forecasts. But Spanish government bond yields stood high, leaving market concerns high. As a result, LME zinc prices once dipped to USD 1,812.5/mt, a record high since September, and finally closed at USD 1,830/mt, down USD 4.5/mt. LME zinc inventories grew by 31,425 mt, to 1,174,325 mt.

LME zinc prices are expected to fluctuate weakly between USD 1,800-1,820/mt today, and SHFE 1301 zinc contract prices should fall to RMB 14,600-14,750/mt, with spot discounts narrowing further to RMB 90-120/mt.
 

LME zinc prices
SHFE zinc prices

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