SMM Zinc Market Morning Review (2013-3-29)

SHANGHAI, Mar. 29 (SMM) – LME zinc prices overnight opened at USD 1,918/mt. As Asian stocks closed down during Asian trading hours, LME zinc prices were weighed down to USD 1,905/mt. After Asian trading hours, Germany's February retail sales were much lower than forecasts, pushing down the euro and investor confidence. In this context, LME zinc prices fell below USD 1,900/mt, and dipped further to a four-and-a-half-month low of USD 1,875/mt. Italian President announced Center-left head Pier Luigi Bersani failed to form a government. US GDP, the number of first-time jobless claims last week and March Chicago PMI all fell short of expectations. As a result, LME zinc prices hovered around USD 1,895/mt, and finally closed at USD 1,896/mt, up USD 21.8/mt or 1.13%. Trading volumes decreased by 3,168 lots to 9,898 lots, and total position increased by 5,107 lots to 261,263 lots. LME zinc inventories fell by 7,175 mt, to 1,175,525 mt.