SMM Zinc Market Morning Review (2013-3-1)

Mar 1, 2013 09:05

Japanese Prime Minister nominated Haruhiko Kuroda to head the country's central bank, but the news was already absorbed by the market.

SHANGHAI, Mar. 1 (SMM) – Japanese Prime Minister nominated Haruhiko Kuroda to head the country's central bank, but the news was already absorbed by the market. LME zinc prices overnight opened at USD 2,085/mt, and touched USD 2,097.5/mt in the morning trading, fluctuating between USD 2,090-2,095/mt during Asian trading hours. Due to a number of negative news from Europe and US, the US dollar index surged to a six-month high of 81.998, triggering market concerns. Large numbers of shorts entered the market. In this context, LME zinc prices plunged to USD 2,060/mt, and finally closed at USD 2,068.5/mt, down 16/mt or 0.77%. Trading volumes increased by 1,867 lots to 12,143 lots, and total position decreased by 1,866 lots to 283,817 lots. LME zinc inventories grew further by 1,150 mt, to 1,195,400 mt.

LME zinc prices

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SMM Zinc Market Morning Review (2013-3-1)

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