SMM Zinc Market Morning Review (2013-1-10)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-1-10)

Price Review & Forecast 09:04:08AM Jan 10, 2013 Source:SMM

SHANGHAI, Jan. 10 (SMM) – LME zinc prices overnight opened at USD 2,023.3/mt, and fluctuated around USD 2,020/mt during Asian trading due to a lack of positive news, briefly dipping to USD 2,015.5/mt. But as long momentum mounted after Asian trading, LME zinc prices advanced and broke through the 5-day moving average, touching USD 2,055/mt. But since long momentum lost ground and as the US dollar index remained high at 80.55, LME zinc prices plummeted and finally closed at USD 2,018.8/mt, down USD 3.5/mt. LME zinc inventories grew by 8,000 mt to 1,217,800 mt, and were mainly concentrated in New Orleans warehouse. The proportion of canceled warrants reached 50.18%.

LME zinc prices should fluctuated between USD 2,010-2,050/mt today, and SHFE three-month zinc contract prices should move between RMB 15,400-15,550/mt, with spot discounts RMB 300-330/mt.
 

Key Words:  LME zinc prices 

SMM Zinc Market Morning Review (2013-1-10)

Price Review & Forecast 09:04:08AM Jan 10, 2013 Source:SMM

SHANGHAI, Jan. 10 (SMM) – LME zinc prices overnight opened at USD 2,023.3/mt, and fluctuated around USD 2,020/mt during Asian trading due to a lack of positive news, briefly dipping to USD 2,015.5/mt. But as long momentum mounted after Asian trading, LME zinc prices advanced and broke through the 5-day moving average, touching USD 2,055/mt. But since long momentum lost ground and as the US dollar index remained high at 80.55, LME zinc prices plummeted and finally closed at USD 2,018.8/mt, down USD 3.5/mt. LME zinc inventories grew by 8,000 mt to 1,217,800 mt, and were mainly concentrated in New Orleans warehouse. The proportion of canceled warrants reached 50.18%.

LME zinc prices should fluctuated between USD 2,010-2,050/mt today, and SHFE three-month zinc contract prices should move between RMB 15,400-15,550/mt, with spot discounts RMB 300-330/mt.
 

Key Words:  LME zinc prices