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SMM Zinc Market Morning Review (2013-2-1)
Feb 1,2013 09:09CST
price review forecast
Source:SMM
The US Federal Reserve voted and decided to maintain interest rates unchanged, and will purchase unlimited additional government bonds.

SHANGHAI, Feb. 1 (SMM) – The US Federal Reserve voted and decided to maintain interest rates unchanged, and will purchase unlimited additional government bonds. LME zinc prices overnight opened at USD 2,150.3/mt, and fell slightly in the morning trading, and then consolidated USD 2,140/mt. As the US dollar index fell again to 79.15, LME zinc prices climbed further. The number of Germany's unemployment in January was positive, so LME zinc prices extended declines and touched USD 2,173.8/mt. But unfavorable US jobless claims offset other positive news. In this context, LME zinc prices entered downward track and dipped to USD 2,130.8/mt, with prices finally closing at USD 2,145.5/mt, down 6/mt or 0.28%. Trading volumes increased by 1,123 lots to 14,291 lots, and total position increased by 2,524 lots to 280,997 lots.

LME zinc prices should fluctuate between USD 2,135-2,165/mt today, and SHFE three-month zinc contract prices should move between RMB 16,050-16,170/mt, with spot discounts against SHFE 1304 zinc contract prices remaining between RMB 290-320/mt.
 

LME zinc prices

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