SMM Zinc Market Morning Review (2013-1-28)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-1-28)

Price Review & Forecast 09:04:06AM Jan 28, 2013 Source:SMM

SHANGHAI, Jan. 28 (SMM) – LME zinc prices last Friday opened flat at USD 2,084.8/mt, and rose slightly following opening due to positive data from China and US, pointing towards USD 2,100/mt. During European trading hours, the US dollar index plunged to 79.828, and LME zinc prices thus broke through USD 2,100/mt. But as UK's GDP in 4Q was lower than expectations and previous data, short momentum strengthened, pulling down LME zinc prices. US new home sales data fell short of forecasts, so LME zinc prices extended declines and dipped to USD 2,066.25/mt. Finally, LME zinc prices closed at USD 2,080/mt, down USD 3.75/mt, or 0.18%.

LME zinc prices should fluctuate between USD 2,070-2,100/mt today, and SHFE three-month zinc contract prices should move between RMB 15,500-15,650/mt, with spot discounts expected to expand to RMB 290-330/mt.
 

SMM Zinc Market Morning Review (2013-1-28)

Price Review & Forecast 09:04:06AM Jan 28, 2013 Source:SMM

SHANGHAI, Jan. 28 (SMM) – LME zinc prices last Friday opened flat at USD 2,084.8/mt, and rose slightly following opening due to positive data from China and US, pointing towards USD 2,100/mt. During European trading hours, the US dollar index plunged to 79.828, and LME zinc prices thus broke through USD 2,100/mt. But as UK's GDP in 4Q was lower than expectations and previous data, short momentum strengthened, pulling down LME zinc prices. US new home sales data fell short of forecasts, so LME zinc prices extended declines and dipped to USD 2,066.25/mt. Finally, LME zinc prices closed at USD 2,080/mt, down USD 3.75/mt, or 0.18%.

LME zinc prices should fluctuate between USD 2,070-2,100/mt today, and SHFE three-month zinc contract prices should move between RMB 15,500-15,650/mt, with spot discounts expected to expand to RMB 290-330/mt.