SMM Zinc Market Morning Review (2013-1-30)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-1-30)

Price Review & Forecast 09:21:46AM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) – LME zinc prices overnight followed an "N" curve, opening at USD 2,081/mt. Without any positive news, LME zinc prices moved narrowly between USD 2,080-2,085/mt in the morning trading. In the afternoon, Germany's February CCI was better than both forecasts and previous data due to stable labor market and income increases expectations, and this shows the largest economy in euro zone is improving. As a result, the euro climbed and LME zinc prices soared to USD 2,100/mt, but as short momentum mounted, LME zinc prices fell again. US Conference Board reported CCI in January slumped to the lowest since November 2011, but the market did not muted. The sluggish US dollar index supported LME zinc prices to touch USD 2,104.3/mt, and finally close at USD 2,102/mt. Trading volumes increased by 91 lots to 6,295 lots, and total positions increased by 140 lots to 280,993 lots.

LME zinc prices should fluctuate between USD 2,085-2,110/mt today, and SHFE three-month zinc contract prices should move between RMB 15,700-15,800/mt, with spot discounts expected to expand to RMB 380-420/mt.

 

Key Words:  LME zinc prices 

SMM Zinc Market Morning Review (2013-1-30)

Price Review & Forecast 09:21:46AM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) – LME zinc prices overnight followed an "N" curve, opening at USD 2,081/mt. Without any positive news, LME zinc prices moved narrowly between USD 2,080-2,085/mt in the morning trading. In the afternoon, Germany's February CCI was better than both forecasts and previous data due to stable labor market and income increases expectations, and this shows the largest economy in euro zone is improving. As a result, the euro climbed and LME zinc prices soared to USD 2,100/mt, but as short momentum mounted, LME zinc prices fell again. US Conference Board reported CCI in January slumped to the lowest since November 2011, but the market did not muted. The sluggish US dollar index supported LME zinc prices to touch USD 2,104.3/mt, and finally close at USD 2,102/mt. Trading volumes increased by 91 lots to 6,295 lots, and total positions increased by 140 lots to 280,993 lots.

LME zinc prices should fluctuate between USD 2,085-2,110/mt today, and SHFE three-month zinc contract prices should move between RMB 15,700-15,800/mt, with spot discounts expected to expand to RMB 380-420/mt.

 

Key Words:  LME zinc prices