SMM Zinc Market Morning Review (2013-10-9)

Price Review & Forecast 10:44:55AM Oct 09, 2013 Source:SMM

SHANGHAI, Oct. 9 (SMM) – As liquidity increased following the Chinese National Day holiday, LME zinc prices opened at USD 1,878/mt. HSBC's September service PMI rose to the second highest since March of 52.4, showing Chinese economy continued to recover, pushing up LME zinc prices to touch USD 1,908/mt, but lacking momentum to climb further. Due to mixed economic data from Europe, LME zinc prices shed some gains and closed at USD 1,887.5/mt. Trading volumes increased by 4,341 lots, to 9,286 lots, and total positions increased by 4 lots, to 280,000 lots.

The US dollar index moved below 80. The Dow Jones Industrial Average, Standard & Poor's 500 Index and Nasdaq Composite Index fell by over 1%.

LME zinc prices are expected to move between USD 1,880-1,910/mt today, and SHFE 1312 zinc contract prices should hover between RMB 14,720-14,800/mt, with spot premiums between RMB 150-180/mt against SHFE 1312 zinc contract prices.
 

Key Words:  LME zinc prices  

SMM Zinc Market Morning Review (2013-10-9)

Price Review & Forecast 10:44:55AM Oct 09, 2013 Source:SMM

SHANGHAI, Oct. 9 (SMM) – As liquidity increased following the Chinese National Day holiday, LME zinc prices opened at USD 1,878/mt. HSBC's September service PMI rose to the second highest since March of 52.4, showing Chinese economy continued to recover, pushing up LME zinc prices to touch USD 1,908/mt, but lacking momentum to climb further. Due to mixed economic data from Europe, LME zinc prices shed some gains and closed at USD 1,887.5/mt. Trading volumes increased by 4,341 lots, to 9,286 lots, and total positions increased by 4 lots, to 280,000 lots.

The US dollar index moved below 80. The Dow Jones Industrial Average, Standard & Poor's 500 Index and Nasdaq Composite Index fell by over 1%.

LME zinc prices are expected to move between USD 1,880-1,910/mt today, and SHFE 1312 zinc contract prices should hover between RMB 14,720-14,800/mt, with spot premiums between RMB 150-180/mt against SHFE 1312 zinc contract prices.
 

Key Words:  LME zinc prices