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SMM Zinc Market Morning Review (2013-11-6)
Nov 6,2013 09:40CST
price review forecast
Source:SMM
SHFE 1401 zinc contract prices opened low at RMB 14,990/mt, then hovered around RMB 14,980/mt.

SHFE 1401 zinc contract prices opened low at RMB 14,990/mt, then hovered around RMB 14,980/mt. As the US dollar index rebounded in the afternoon, LME zinc prices fell further, dipping to a low of USD 1,916.3/mt. But since UK service PMI continued to improve, LME zinc prices leveled out at the 60-day moving average. US ISM non-manufacturing PMI recorded 55.4, better than expected. But the positive only gave limited support to LME zinc prices as US non-farm employment data will be released this week, hovering between USD 1,920-1,930/mt, and closing at RMB 1,925.3/mt, down RMB 3.8/mt. Trading volumes decreased by 1,491 lots, to 6,130 lots, and total positions increased by 2,519 lots, to 299,000 lots.

LME zinc prices will move between USD 1,915-1,935/mt today, and SHFE 1401 zinc contract prices will hover between RMB 14,935-14,980/mt, with spot premiums between RMB 60-110/mt. Downstream buyers will purchase on an as-needed basis.
 

LME zinc prices

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