SMM Zinc Market Morning Review (2013-4-25)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-4-25)

Price Review & Forecast 09:21:55AM Apr 25, 2013 Source:SMM

SHANGHAI, Apr. 25 (SMM) – LME zinc prices overnight opened at USD 1,877.8/mt, dipping to USD 1,875/mt briefly during Asian trading hours, but then soaring along with LME copper prices. During European and US trading hours, Germany's IFO Business Climate Index in April fell from 106.7, to 104.4, and US March durable goods orders dropped to -5.7%, much lower than the -3.0% expected, which is the largest decline in seven months. But the poor economic data increased investor expectations that the ECB will lower interest rates, while the plummeting US dollar index pushed LME zinc prices to the 30-day moving average, touching USD 1,919/mt, and finally closing at USD 1,915/mt, up 2.24%. LME zinc inventories fell by 6,050 mt, to 1,092,550 mt.

LME zinc prices are expected to move between USD 1,895-1,925/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,600-14,750/mt, with spot discounts expanding to RMB 70-110/mt.
 

Key Words:  LME zinc prices  

SMM Zinc Market Morning Review (2013-4-25)

Price Review & Forecast 09:21:55AM Apr 25, 2013 Source:SMM

SHANGHAI, Apr. 25 (SMM) – LME zinc prices overnight opened at USD 1,877.8/mt, dipping to USD 1,875/mt briefly during Asian trading hours, but then soaring along with LME copper prices. During European and US trading hours, Germany's IFO Business Climate Index in April fell from 106.7, to 104.4, and US March durable goods orders dropped to -5.7%, much lower than the -3.0% expected, which is the largest decline in seven months. But the poor economic data increased investor expectations that the ECB will lower interest rates, while the plummeting US dollar index pushed LME zinc prices to the 30-day moving average, touching USD 1,919/mt, and finally closing at USD 1,915/mt, up 2.24%. LME zinc inventories fell by 6,050 mt, to 1,092,550 mt.

LME zinc prices are expected to move between USD 1,895-1,925/mt today, and SHFE 1307 zinc contract prices should fluctuate between RMB 14,600-14,750/mt, with spot discounts expanding to RMB 70-110/mt.
 

Key Words:  LME zinc prices