SMM Zinc Market Morning Review (2013-2-5)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-2-5)

Price Review & Forecast 09:13:52AM Feb 05, 2013 Source:SMM

SHANGHAI, Feb. 5 (SMM) – LME zinc prices overnight opened at USD 2,171/mt, and pulled up rapidly as large numbers of investors entered the market, but met resistance at USD 2,185/mt. During Asian trading hours, LME zinc prices generally fluctuated between USD 2,175-2,185/mt, touching USD 2,190/mt. As the US dollar index soared after Asian trading hours, LME zinc prices dipped to an intraday low of USD 2,163/mt, and failed to break through USD 2,185/mt, with prices finally closing at USD 2,179/mt, up 5.3/mt or 0.24%. Trading volumes decreased by 1,469 lots to 8,615 lots, and total position increased by 952 lots to 285,047 lots. LME zinc inventories fell 3,225 mt to 1,202,050 mt.

LME zinc prices should fluctuate between USD 2,165-2,190/mt today, and SHFE three-month zinc contract prices should move between RMB 16,050-16,200/mt, with spot discounts against SHFE 1305 zinc contract prices between RMB 400-430/mt.
 

Key Words:  LME zinc prices  

SMM Zinc Market Morning Review (2013-2-5)

Price Review & Forecast 09:13:52AM Feb 05, 2013 Source:SMM

SHANGHAI, Feb. 5 (SMM) – LME zinc prices overnight opened at USD 2,171/mt, and pulled up rapidly as large numbers of investors entered the market, but met resistance at USD 2,185/mt. During Asian trading hours, LME zinc prices generally fluctuated between USD 2,175-2,185/mt, touching USD 2,190/mt. As the US dollar index soared after Asian trading hours, LME zinc prices dipped to an intraday low of USD 2,163/mt, and failed to break through USD 2,185/mt, with prices finally closing at USD 2,179/mt, up 5.3/mt or 0.24%. Trading volumes decreased by 1,469 lots to 8,615 lots, and total position increased by 952 lots to 285,047 lots. LME zinc inventories fell 3,225 mt to 1,202,050 mt.

LME zinc prices should fluctuate between USD 2,165-2,190/mt today, and SHFE three-month zinc contract prices should move between RMB 16,050-16,200/mt, with spot discounts against SHFE 1305 zinc contract prices between RMB 400-430/mt.
 

Key Words:  LME zinc prices