SMM Zinc Market Morning Review (2013-7-8)-Shanghai Metals Market

Hot Keywords

  • Nickel market
  • Morning comments
  • Silicon
  • Tradeflow
  • Market commentary
  • zinc
  • Poland
  • Nickel
  • Copper
  • Lead
  • Inventory data
  • Aluminium
  • Zinc
  • Production data
  • MMi Iron Ore Port Index

SMM Zinc Market Morning Review (2013-7-8)

Price Review & Forecast 10:02:34AM Jul 08, 2013 Source:SMM

SHANGHAI, Jul. 8 (SMM) – LME zinc market overnight opened at USD 1,859/mt. During Asian trading hours, markets were waiting for the result of US non-farm payrolls, with a strong cautious trading sentiment, leaving prices between USD 1,855-1,865/mt. In the evening, the US announced that the non-farm payrolls were 195,000 in June, higher than the 165,000 expectations, and the unemployment rate was 7.6%. The result raised market worries that the US Federal Reserve may taper off its QE from September, weighing down the market. LME zinc slid to USD 1,826.5/mt before finally closing at USD 1,840.8/mt, down USD 19.3/mt or 1.03%. Transactions were up 4,257 lots to 9,475 lots, while positions were up 4,226 lots to 268,623 lots. LME zinc inventories were down 3,100 mt to 1,035,350 mt.  

 
The encouraging US non-farm payrolls in June has drove up the US dollar index to above the previous high, weighing down metals prices. SMM expects LME zinc to fluctuate between USD 1,825-1,855/mt on Monday, and SHFE 1310 zinc prices will fall to RMB 14,350-14,450/mt, with spot premiums expected to rise to between RMB 100-130/mt.  
 

Price

more
Aluminum Ingot
Dec.09
14060.0
-10.0
(-0.07%)
Aluminum Ingot - Fo Shan
Dec.09
14060.0
0.0
(0.00%)
Aluminum Ingot - Wu Xi
Dec.09
14070.0
10.0
(0.07%)
Aluminum Ingot - Hang Zhou
Dec.09
14085.0
-20.0
(-0.14%)
Aluminum Ingot - Chong Qing
Dec.09
14060.0
0.0
(0.00%)

SMM Zinc Market Morning Review (2013-7-8)

Price Review & Forecast 10:02:34AM Jul 08, 2013 Source:SMM

SHANGHAI, Jul. 8 (SMM) – LME zinc market overnight opened at USD 1,859/mt. During Asian trading hours, markets were waiting for the result of US non-farm payrolls, with a strong cautious trading sentiment, leaving prices between USD 1,855-1,865/mt. In the evening, the US announced that the non-farm payrolls were 195,000 in June, higher than the 165,000 expectations, and the unemployment rate was 7.6%. The result raised market worries that the US Federal Reserve may taper off its QE from September, weighing down the market. LME zinc slid to USD 1,826.5/mt before finally closing at USD 1,840.8/mt, down USD 19.3/mt or 1.03%. Transactions were up 4,257 lots to 9,475 lots, while positions were up 4,226 lots to 268,623 lots. LME zinc inventories were down 3,100 mt to 1,035,350 mt.  

 
The encouraging US non-farm payrolls in June has drove up the US dollar index to above the previous high, weighing down metals prices. SMM expects LME zinc to fluctuate between USD 1,825-1,855/mt on Monday, and SHFE 1310 zinc prices will fall to RMB 14,350-14,450/mt, with spot premiums expected to rise to between RMB 100-130/mt.