SMM Zinc Market Morning Review (2013-2-4)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-2-4)

Price Review & Forecast 09:19:37AM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – LME zinc prices last Friday opened at USD 2,145/mt. China's official and HSBC's PMI was mixed, so LME zinc prices fluctuated between USD 2,130-2,140/mt due to a lack of directions. US non-farm employment data was disappointing, but US ISM manufacturing in January was better than forecasts. Besides, both euro zone January PMI and employment was better than expectations and the previous data. In this context, LME zinc prices were boosted and touched USD 2,176.3/mt, with prices finally closing at USD 2,173.8/mt, up 28.3/mt or 1.32%. Trading volumes decreased by 4,207 lots to 10,084 lots, and total position increased by 3,098 lots to 284,095 lots. LME zinc inventories fell 3,450 mt to 1,205,275 mt.

LME zinc prices should fluctuate between USD 2,160-2,185/mt today, and SHFE three-month zinc contract prices should move between RMB 16,050-16,250/mt, with spot discounts against SHFE 1305 zinc contract prices remaining between RMB 400-450/mt.

 

Key Words:  LME zinc prices  

SMM Zinc Market Morning Review (2013-2-4)

Price Review & Forecast 09:19:37AM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – LME zinc prices last Friday opened at USD 2,145/mt. China's official and HSBC's PMI was mixed, so LME zinc prices fluctuated between USD 2,130-2,140/mt due to a lack of directions. US non-farm employment data was disappointing, but US ISM manufacturing in January was better than forecasts. Besides, both euro zone January PMI and employment was better than expectations and the previous data. In this context, LME zinc prices were boosted and touched USD 2,176.3/mt, with prices finally closing at USD 2,173.8/mt, up 28.3/mt or 1.32%. Trading volumes decreased by 4,207 lots to 10,084 lots, and total position increased by 3,098 lots to 284,095 lots. LME zinc inventories fell 3,450 mt to 1,205,275 mt.

LME zinc prices should fluctuate between USD 2,160-2,185/mt today, and SHFE three-month zinc contract prices should move between RMB 16,050-16,250/mt, with spot discounts against SHFE 1305 zinc contract prices remaining between RMB 400-450/mt.

 

Key Words:  LME zinc prices