SMM Zinc Market Morning Review (2013-1-29)

Jan 29, 2013 09:10

LME zinc prices overnight opened lower at USD 2,082/mt, and dipped immediately following opening to USD 2,073.3/mt.

SHANGHAI, Jan. 29 (SMM) – LME zinc prices overnight opened lower at USD 2,082/mt, and dipped immediately following opening to USD 2,073.3/mt. After fluctuating narrowly between USD 2,075-2,080/mt, LME zinc prices climbed as long momentum mounted. US durable goods orders data was positive, pulling up LME zinc prices to USD 2,092/mt. But US pending home sales in December fell short of forecasts, and new home sales data released last Friday was also downbeat. This triggered investor concerns, and pulled down LME zinc prices to close at USD 2,080/mt.

LME zinc prices should fluctuate between USD 2,075-2,100/mt today, and SHFE three-month zinc contract prices should move between RMB 15,550-15,700/mt, with spot discounts expected to expand to RMB 290-320/mt.

LME zinc prices

SHFE three-month zinc contract prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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SMM Zinc Market Morning Review (2013-1-29)

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