SMM Zinc Market Morning Review (2013-4-22)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-4-22)

Price Review & Forecast 09:26:26AM Apr 22, 2013 Source:SMM

SHANGHAI, Apr. 22 (SMM) – LME zinc prices last Friday opened at USD 1,890/mt, and dipped to USD 1,874.8/mt during Asian trading hours, pushed down by short momentum, but then soared to break through the 5-day and 10-day moving averages, touching a daily high of USD 1,900.5/mt. Fitch rating agency lowered the AAA rating of UK, showing UK economic outlook is still pessimistic. Besides, the US dollar index surged to a near-term high of 82.784, pushing LME zinc prices to fall below the 5-day moving average, and finally closed at USD 1,878/mt, down USD 10/mt. LME zinc inventories fell by 5,900 mt, to 1,110,650 mt.

Due to effects from negative news and the earthquake in Ya’an, China, investors remain pessimistic. LME zinc prices are expected to move between USD 1,850-1,890/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,400-14,500/mt, with spot discounts between RMB 50-80/mt against SHFE 1307 zinc contract prices.
 

Key Words:  LME zinc prices 

SMM Zinc Market Morning Review (2013-4-22)

Price Review & Forecast 09:26:26AM Apr 22, 2013 Source:SMM

SHANGHAI, Apr. 22 (SMM) – LME zinc prices last Friday opened at USD 1,890/mt, and dipped to USD 1,874.8/mt during Asian trading hours, pushed down by short momentum, but then soared to break through the 5-day and 10-day moving averages, touching a daily high of USD 1,900.5/mt. Fitch rating agency lowered the AAA rating of UK, showing UK economic outlook is still pessimistic. Besides, the US dollar index surged to a near-term high of 82.784, pushing LME zinc prices to fall below the 5-day moving average, and finally closed at USD 1,878/mt, down USD 10/mt. LME zinc inventories fell by 5,900 mt, to 1,110,650 mt.

Due to effects from negative news and the earthquake in Ya’an, China, investors remain pessimistic. LME zinc prices are expected to move between USD 1,850-1,890/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,400-14,500/mt, with spot discounts between RMB 50-80/mt against SHFE 1307 zinc contract prices.
 

Key Words:  LME zinc prices