SMM Zinc Market Morning Review (2013-6-13)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-6-13)

Price Review & Forecast 09:36:39AM Jun 13, 2013 Source:SMM

SHANGHAI, Jun. 13 (SMM) – US non-farm employment data released last Friday was positive. Although its unemployment rate rose, the labor participation rate was up for the first time since last October, showing the job market is improving mildly, and triggering concerns that the US Federal Reserve will back off QE3. China's May exports, industry value added and power consumption showed a slower growth in May, spurring market apprehension over demand for base metals and pushing down base metals prices. The permeating short momentum weighed down zinc prices during the holiday. LME zinc prices overnight opened at USD 1,856.3/mt. Japan's major economic data released during Asian trading hours was mixed, while Australian CCI rose by 4.7%, much better than a 7.0% decline in the previous month, boosting LME zinc prices to USD 14,855/mt. UK's job data was upbeat, and euro zone April industry production topped expectations, giving support to LME zinc prices to hover at high levels, finally closing at USD 1,869.8/mt, up USD 13.3/mt or 0.71%. Trading volumes increased by 3,727 lots, to 11,179 lots, and total positions increased by 728 lots, to 264,058 lots. LME zinc inventories fell by 4,200 mt, to 1,096,250 mt.

LME zinc prices will move between USD 1,845-1,875/mt today, and SHFE 1309 zinc contract prices should fluctuate between RMB 14,400-14,550/mt, with spot prices RMB 20-100/mt above SHFE 1309 zinc contract price.
 

Key Words:  LME zinc prices  

SMM Zinc Market Morning Review (2013-6-13)

Price Review & Forecast 09:36:39AM Jun 13, 2013 Source:SMM

SHANGHAI, Jun. 13 (SMM) – US non-farm employment data released last Friday was positive. Although its unemployment rate rose, the labor participation rate was up for the first time since last October, showing the job market is improving mildly, and triggering concerns that the US Federal Reserve will back off QE3. China's May exports, industry value added and power consumption showed a slower growth in May, spurring market apprehension over demand for base metals and pushing down base metals prices. The permeating short momentum weighed down zinc prices during the holiday. LME zinc prices overnight opened at USD 1,856.3/mt. Japan's major economic data released during Asian trading hours was mixed, while Australian CCI rose by 4.7%, much better than a 7.0% decline in the previous month, boosting LME zinc prices to USD 14,855/mt. UK's job data was upbeat, and euro zone April industry production topped expectations, giving support to LME zinc prices to hover at high levels, finally closing at USD 1,869.8/mt, up USD 13.3/mt or 0.71%. Trading volumes increased by 3,727 lots, to 11,179 lots, and total positions increased by 728 lots, to 264,058 lots. LME zinc inventories fell by 4,200 mt, to 1,096,250 mt.

LME zinc prices will move between USD 1,845-1,875/mt today, and SHFE 1309 zinc contract prices should fluctuate between RMB 14,400-14,550/mt, with spot prices RMB 20-100/mt above SHFE 1309 zinc contract price.
 

Key Words:  LME zinc prices