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