SMM Zinc Market Morning Review (2013-1-21)

Jan 21, 2013 09:24

US major economic data released last Thursday was positive.

SHANGHAI, Jan. 21 (SMM) – US major economic data released last Thursday was positive. LME zinc prices overnight last Friday opened at USD 2,010/mt, and edged up due to upbeat China's economic data after fluctuating between USD 2,010-2,015/mt during Asian trading. As European and US stock markets rose, LME zinc prices touched USD 2,051.75/mt, breaking through the 20-day moving average. US CCI fell short of forecast and previous data, so long momentum was low, weighing on LME zinc prices. Finally, LME zinc prices closed at USD 2,037.5/mt, up USD 26.5/mt, or 1.32%. Trading volumes decreased by 1,474 lots to 9,933 lots, and total position decreased by 3,485 lots to 279,293 lots.

LME zinc prices should fluctuated between USD 2,010-2,050/mt today, and SHFE three-month zinc contract prices should slip to RMB 15,400-15,500/mt, with spot discounts expected to expand to RMB 270-320/mt.

SHFE zinc prices

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SMM Zinc Market Morning Review (2013-1-21)

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