SMM Zinc Market Morning Review (2013-7-12)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-7-12)

Price Review & Forecast 10:04:44AM Jul 12, 2013 Source:SMM

Shanghai, Jul. 12 (SMM) – LME zinc market overnight opened higher at USD 1,905.3/mt. The market staged a V-shape movement during Asian trading hours, rallying after dipping to USD 1,896/mt. As the US dollar index fell to 82, LME zinc briefly toughed USD 1,922.8/mt. Then, the rising momentum halted and fell back, sliding to USD 1,886/mt. Finally, LME zinc market finished at USD 1,898.3/mt, up USD 4.3/mt or 0.22%. Transactions were up 5,282 lots to 14,263 lots, while positions were down 3,440 lots to 261,255 lots. LME zinc inventories were down 5,925 mt to 1,014,225 mt. 

 
The US dollar index weakened after the Federal Reserve Chairmen’s comments, helping support base metals prices. Market attention will shift to the euro-zone industrial data in May and the US Michigan Consumer Sentiment Index in July. LME zinc market is expected to hover around USD 1,900/mt, with prices between USD 1,885-1,920/mt. SHFE 1310 zinc prices will fluctuate between RMB 14,630-14,780/mt, with spot premiums in the RMB 70-90/mt range. 
 

Price

more
Aluminum Ingot
Nov.19
13960.0
20.0
(0.14%)
Aluminum Ingot - Fo Shan
Nov.19
13900.0
10.0
(0.07%)
Aluminum Ingot - Wu Xi
Nov.19
13950.0
10.0
(0.07%)
Aluminum Ingot - Hang Zhou
Nov.19
13990.0
30.0
(0.21%)
Aluminum Ingot - Chong Qing
Nov.19
13930.0
-10.0
(-0.07%)

SMM Zinc Market Morning Review (2013-7-12)

Price Review & Forecast 10:04:44AM Jul 12, 2013 Source:SMM

Shanghai, Jul. 12 (SMM) – LME zinc market overnight opened higher at USD 1,905.3/mt. The market staged a V-shape movement during Asian trading hours, rallying after dipping to USD 1,896/mt. As the US dollar index fell to 82, LME zinc briefly toughed USD 1,922.8/mt. Then, the rising momentum halted and fell back, sliding to USD 1,886/mt. Finally, LME zinc market finished at USD 1,898.3/mt, up USD 4.3/mt or 0.22%. Transactions were up 5,282 lots to 14,263 lots, while positions were down 3,440 lots to 261,255 lots. LME zinc inventories were down 5,925 mt to 1,014,225 mt. 

 
The US dollar index weakened after the Federal Reserve Chairmen’s comments, helping support base metals prices. Market attention will shift to the euro-zone industrial data in May and the US Michigan Consumer Sentiment Index in July. LME zinc market is expected to hover around USD 1,900/mt, with prices between USD 1,885-1,920/mt. SHFE 1310 zinc prices will fluctuate between RMB 14,630-14,780/mt, with spot premiums in the RMB 70-90/mt range.