SMM Zinc Market Morning Review (2013-6-3)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-6-3)

Price Review & Forecast 09:06:04AM Jun 03, 2013 Source:SMM

SHANGHAI, Jun. 3 (SMM) – LME zinc prices last Friday opened at USD 1,910/mt. The positive April industry production figures from Japan and PMI in line with expectations gave support to the Nikkei Index, with Asian-Pacific stocks markets mixed. In this context, LME zinc prices lacked guidance and struggled between USD 1,900-1,910/mt. US May Chicago PMI jumped from 49, to 58.7, a record high from March 2012, and University of Michigan’s May CCI was revised to 84.5, its highest since July 2007, boosting LME zinc prices to strengthen, finally closing at USD 1,922.3/mt, up USD 15.3/mt or 0.8%.

LME zinc prices will move between USD 1,925-1,955/mt today, and SHFE 1309 zinc contract prices should fluctuate between RMB 14,880-15,000/mt, with spot prices RMB 50/mt below or RMB 20/mt higher than SHFE 1309 zinc contract price.
 

Key Words:  LME zinc prices  

SMM Zinc Market Morning Review (2013-6-3)

Price Review & Forecast 09:06:04AM Jun 03, 2013 Source:SMM

SHANGHAI, Jun. 3 (SMM) – LME zinc prices last Friday opened at USD 1,910/mt. The positive April industry production figures from Japan and PMI in line with expectations gave support to the Nikkei Index, with Asian-Pacific stocks markets mixed. In this context, LME zinc prices lacked guidance and struggled between USD 1,900-1,910/mt. US May Chicago PMI jumped from 49, to 58.7, a record high from March 2012, and University of Michigan’s May CCI was revised to 84.5, its highest since July 2007, boosting LME zinc prices to strengthen, finally closing at USD 1,922.3/mt, up USD 15.3/mt or 0.8%.

LME zinc prices will move between USD 1,925-1,955/mt today, and SHFE 1309 zinc contract prices should fluctuate between RMB 14,880-15,000/mt, with spot prices RMB 50/mt below or RMB 20/mt higher than SHFE 1309 zinc contract price.
 

Key Words:  LME zinc prices