SMM Zinc Market Morning Review (2013-1-9)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-1-9)

Price Review & Forecast 09:11:29AM Jan 09, 2013 Source:SMM

SHANGHAI, Jan. 9 (SMM) – LME zinc prices overnight opened lower at USD 2,030/mt, below the 30-day moving average, and touched USD 2,037/mt after briefly plummeting in the morning trading. But as short momentum mounted, LME zinc prices entered downward track. Eurozone unemployment rate in November was 11.8%, and factory orders in Germany shrank to 1%, showing eurozone economy remains sluggish. As a result, LME zinc prices extended losses and dipped to USD 2,003/mt. At the end of trading, LME zinc prices shed some losses and finally closed at USD 2,022.3/mt, down USD 4.8/mt. LME zinc inventories fell by 2,775 mt to 1,209,800 mt.

LME zinc prices should fluctuated between USD 2,000-2,040/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 (2013-1-9)

Price Review & Forecast 09:11:29AM Jan 09, 2013 Source:SMM

SHANGHAI, Jan. 9 (SMM) – LME zinc prices overnight opened lower at USD 2,030/mt, below the 30-day moving average, and touched USD 2,037/mt after briefly plummeting in the morning trading. But as short momentum mounted, LME zinc prices entered downward track. Eurozone unemployment rate in November was 11.8%, and factory orders in Germany shrank to 1%, showing eurozone economy remains sluggish. As a result, LME zinc prices extended losses and dipped to USD 2,003/mt. At the end of trading, LME zinc prices shed some losses and finally closed at USD 2,022.3/mt, down USD 4.8/mt. LME zinc inventories fell by 2,775 mt to 1,209,800 mt.

LME zinc prices should fluctuated between USD 2,000-2,040/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