SMM Zinc Market Morning Review (2013-10-23)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2013-10-23)

Price Review & Forecast 09:18:14AM Oct 23, 2013 Source:SMM

SHANGHAI, Oct. 23 (SMM) – LME zinc prices overnight opened at USD 1,943.3/mt. As investors remained cautious prior to the release of US non-farm employment data, LME zinc prices refrained from rising after advancing to USD 1,955/mt. During European and US trading hours, LME zinc prices rose further. The number of US non-farm employment only increased by 148,000, much lower than expected, pushing down the US dollar index. The timing of QE3 wind-down is thus expected to be delayed from late this year to next March, which drove up base metals prices. LME zinc prices touched USD 1,966.3/mt, and closed at USD 1,963.5/mt, up USD 20.3/mt or 1.04%. Trading volumes increased by 3,168 lots, to 10,056 lots, and total positions decreased by 823 lots, to 286,563 lots. LME zinc inventories fell by 5,025 mt, to 1,050,750 mt.

LME zinc prices are expected to move between USD 1,950-1,980/mt today, and SHFE 1401 zinc contract prices should hover between RMB 15,120-15,180/mt, with spot premiums between RMB 40-90/mt.
 

Key Words:  LME zinc prices 

SMM Zinc Market Morning Review (2013-10-23)

Price Review & Forecast 09:18:14AM Oct 23, 2013 Source:SMM

SHANGHAI, Oct. 23 (SMM) – LME zinc prices overnight opened at USD 1,943.3/mt. As investors remained cautious prior to the release of US non-farm employment data, LME zinc prices refrained from rising after advancing to USD 1,955/mt. During European and US trading hours, LME zinc prices rose further. The number of US non-farm employment only increased by 148,000, much lower than expected, pushing down the US dollar index. The timing of QE3 wind-down is thus expected to be delayed from late this year to next March, which drove up base metals prices. LME zinc prices touched USD 1,966.3/mt, and closed at USD 1,963.5/mt, up USD 20.3/mt or 1.04%. Trading volumes increased by 3,168 lots, to 10,056 lots, and total positions decreased by 823 lots, to 286,563 lots. LME zinc inventories fell by 5,025 mt, to 1,050,750 mt.

LME zinc prices are expected to move between USD 1,950-1,980/mt today, and SHFE 1401 zinc contract prices should hover between RMB 15,120-15,180/mt, with spot premiums between RMB 40-90/mt.
 

Key Words:  LME zinc prices