SMM Zinc Market Morning Review (2013-1-7)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-1-7)

Price Review & Forecast 09:18:08AM Jan 07, 2013 Source:SMM

SHANGHAI, Jan. 7 (SMM) – LME zinc prices overnight opened lower at USD 2,081/mt, and fluctuated between USD 2,068-2,078/mt after touching USD 2,086.8/mt in the morning trading. After Asian trading, the US dollar index once reached 80.86, pulling down LME zinc prices. The number of US December non-farm employment increased by 155,000, higher than the 152,000 expected. But unemployment rate hit 7.8%, higher than the expected 7.7%. The disappointing non-farm data allowed LME zinc prices to continue dropping to USD 2,037/mt.
Finally, LME zinc prices closed at USD 2,043.5/mt, down USD 44/mt or 2.11%. LME zinc inventories fell by 2,725 mt to 1,215,325 mt.

LME zinc prices should fluctuated between USD 2,020-2,070/mt today, and SHFE three-month zinc contract prices should move between RMB 15,350-15,500/mt, with spot discounts RMB 270-320/mt.

 

Key Words:  LME zinc prices 

SMM Zinc Market Morning Review (2013-1-7)

Price Review & Forecast 09:18:08AM Jan 07, 2013 Source:SMM

SHANGHAI, Jan. 7 (SMM) – LME zinc prices overnight opened lower at USD 2,081/mt, and fluctuated between USD 2,068-2,078/mt after touching USD 2,086.8/mt in the morning trading. After Asian trading, the US dollar index once reached 80.86, pulling down LME zinc prices. The number of US December non-farm employment increased by 155,000, higher than the 152,000 expected. But unemployment rate hit 7.8%, higher than the expected 7.7%. The disappointing non-farm data allowed LME zinc prices to continue dropping to USD 2,037/mt.
Finally, LME zinc prices closed at USD 2,043.5/mt, down USD 44/mt or 2.11%. LME zinc inventories fell by 2,725 mt to 1,215,325 mt.

LME zinc prices should fluctuated between USD 2,020-2,070/mt today, and SHFE three-month zinc contract prices should move between RMB 15,350-15,500/mt, with spot discounts RMB 270-320/mt.

 

Key Words:  LME zinc prices