SMM Zinc Market Morning Review (2013-4-9)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-4-9)

Price Review & Forecast 10:41:57AM Apr 09, 2013 Source:SMM

SHANGHAI, Apr. 9 (SMM) – European and US stocks overnight rose across the board, and since the euro has closed with gains for four consecutive trading days, euro zone investors actively entered the market, pushing up zinc prices. Chilean mine workers will strike on Tuesday, so all mining operation will be suspended, and this will also give support to base metal prices. LME zinc prices overnight opened at USD 1,886/mt, but briefly dipped to USD 1,877/mt after opening. The euro continued to rise and once broke through 1.3000, and easing situations increased investor appetite for risk. As a result, LME zinc prices stopped falling and pointed towards USD 1,900/mt, touching USD 1,903.8/mt. But Euro zone April Sentix investor confidence index fell short of expectations, pushing down LME zinc prices to roll back early gains, and closing at USD 1,894.8/mt, up USD 6.8/mt or 0.36%. Trading volumes decreased by 1,898 lots to 6,107 lots, and total positions increased by 3,592 lots, to 271,404 lots. LME zinc inventories fell by 5,550 mt, to 1,148,950 mt.

LME zinc prices are expected to move between USD 1,885-1,910/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,660-14,800/mt, with spot discounts between RMB 90-120/mt against SHFE 1306 zinc contract prices.
 

SMM Zinc Market Morning Review (2013-4-9)

Price Review & Forecast 10:41:57AM Apr 09, 2013 Source:SMM

SHANGHAI, Apr. 9 (SMM) – European and US stocks overnight rose across the board, and since the euro has closed with gains for four consecutive trading days, euro zone investors actively entered the market, pushing up zinc prices. Chilean mine workers will strike on Tuesday, so all mining operation will be suspended, and this will also give support to base metal prices. LME zinc prices overnight opened at USD 1,886/mt, but briefly dipped to USD 1,877/mt after opening. The euro continued to rise and once broke through 1.3000, and easing situations increased investor appetite for risk. As a result, LME zinc prices stopped falling and pointed towards USD 1,900/mt, touching USD 1,903.8/mt. But Euro zone April Sentix investor confidence index fell short of expectations, pushing down LME zinc prices to roll back early gains, and closing at USD 1,894.8/mt, up USD 6.8/mt or 0.36%. Trading volumes decreased by 1,898 lots to 6,107 lots, and total positions increased by 3,592 lots, to 271,404 lots. LME zinc inventories fell by 5,550 mt, to 1,148,950 mt.

LME zinc prices are expected to move between USD 1,885-1,910/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,660-14,800/mt, with spot discounts between RMB 90-120/mt against SHFE 1306 zinc contract prices.