SMM Zinc Market Morning Review (2013-1-14)
SHANGHAI, Jan. 14 (SMM) – LME zinc prices last Friday opened at USD 2,051.5/mt. China's December PMI released during Asian trading was up 2.5%, while PPI was up -1.9%, worse than expected. As a result, market optimism was depressed, with LME zinc prices entering downward track after opening. After Asian trading, LME zinc prices fell again after stabilizing briefly as short momentum mounted, dipping to an intraday low USD 2,015/mt, and finally closing at USD 2,020.5/mt, down USD 31.5/mt. LME zinc inventories grew by 375 mt to 1,215,650 mt.
LME zinc prices should fluctuated between USD 2,000-2,040/mt today, and SHFE three-month zinc contract prices should inch down to RMB 15,350-15,500/mt, with spot discounts RMB 270-320/mt.
LME zinc prices
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