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

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.