SMM Zinc Market Morning Review (2013-4-19)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-4-19)

Price Review & Forecast 09:29:48AM Apr 19, 2013 Source:SMM

SHANGHAI, Apr. 19 (SMM) – LME zinc prices overnight opened at USD 1,865/mt, and dipped to USD 1,816.5/mt after opening, a record low since late August last year. Due to Spain successfully auctioning 10-year govenrmnet bonds and Germany approving the EUR 10 billion bailout funds for Cyprus, the euro strengthened, helping ease investor pessimism. Some short left the market with profit-taking, pushing up LME zinc prices to close at USD 1,888/mt, up USD 15/mt or 0.8%. Overnight economic data from Europe and US mostly fell short of forecasts, while disappointing US earnings report dragged down US stocks markets to close with declines. The failure of the second election in Italy will also weigh on the euro, and the opening of G20 finance minister meeting will keep investors cautious. Trading volumes increased by 3,626 lots to 12,987 lots, and total positions decreased by 2,877 lots, to 269,318 lots. LME zinc inventories fell by 4,500 mt, to 1,116,550 mt.

LME zinc prices are expected to move between USD 1,870-1,905/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,300-14,560/mt, with spot discounts between RMB 40-80/mt against SHFE 1307 zinc contract prices.
 

Key Words:  LME zinc prices 

SMM Zinc Market Morning Review (2013-4-19)

Price Review & Forecast 09:29:48AM Apr 19, 2013 Source:SMM

SHANGHAI, Apr. 19 (SMM) – LME zinc prices overnight opened at USD 1,865/mt, and dipped to USD 1,816.5/mt after opening, a record low since late August last year. Due to Spain successfully auctioning 10-year govenrmnet bonds and Germany approving the EUR 10 billion bailout funds for Cyprus, the euro strengthened, helping ease investor pessimism. Some short left the market with profit-taking, pushing up LME zinc prices to close at USD 1,888/mt, up USD 15/mt or 0.8%. Overnight economic data from Europe and US mostly fell short of forecasts, while disappointing US earnings report dragged down US stocks markets to close with declines. The failure of the second election in Italy will also weigh on the euro, and the opening of G20 finance minister meeting will keep investors cautious. Trading volumes increased by 3,626 lots to 12,987 lots, and total positions decreased by 2,877 lots, to 269,318 lots. LME zinc inventories fell by 4,500 mt, to 1,116,550 mt.

LME zinc prices are expected to move between USD 1,870-1,905/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,300-14,560/mt, with spot discounts between RMB 40-80/mt against SHFE 1307 zinc contract prices.
 

Key Words:  LME zinc prices