SMM Zinc Market Morning Review (2013-1-11)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-1-11)

Price Review & Forecast 09:14:46AM Jan 11, 2013 Source:SMM

SHANGHAI, Jan. 11 (SMM) – LME zinc prices overnight opened at USD 2,020.5/mt. China’s December trade value grew noticeably, showing China’s economy is improving. As a result, LME zinc prices entered upward track after dipping to USD 2,018.3/mt, breaking through the 5-day moving average. Both eurozone and Bank of England maintained interest rates unchanged, but Spain’s government bond auction was upbeat, reflecting investors optimism towards eurozone. In this context, the US dollar index were pulled down below 80, and LME zinc prices soared to USD 2,053.8/mt, and finally closed at USD 2,052/mt, up USD 33.3/mt. LME zinc inventories fell by 2,525 mt to 1,215,275 mt.

LME zinc prices should fluctuated between USD 2,030-2,070/mt today, and SHFE three-month zinc contract prices should move between RMB 15,450-15,600/mt, with spot discounts RMB 320-370/mt.
 

Key Words:  LME zinc prices 

SMM Zinc Market Morning Review (2013-1-11)

Price Review & Forecast 09:14:46AM Jan 11, 2013 Source:SMM

SHANGHAI, Jan. 11 (SMM) – LME zinc prices overnight opened at USD 2,020.5/mt. China’s December trade value grew noticeably, showing China’s economy is improving. As a result, LME zinc prices entered upward track after dipping to USD 2,018.3/mt, breaking through the 5-day moving average. Both eurozone and Bank of England maintained interest rates unchanged, but Spain’s government bond auction was upbeat, reflecting investors optimism towards eurozone. In this context, the US dollar index were pulled down below 80, and LME zinc prices soared to USD 2,053.8/mt, and finally closed at USD 2,052/mt, up USD 33.3/mt. LME zinc inventories fell by 2,525 mt to 1,215,275 mt.

LME zinc prices should fluctuated between USD 2,030-2,070/mt today, and SHFE three-month zinc contract prices should move between RMB 15,450-15,600/mt, with spot discounts RMB 320-370/mt.
 

Key Words:  LME zinc prices