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SMM Zinc Market Morning Review (2013-11-27)
Nov 27,2013 10:24CST
price review forecast
Source:SMM
Investors buying interest decreased as the Thanksgiving Day holiday in the US nears.

SHANGHAI, Nov. 27 (SMM) – Investors buying interest decreased as the Thanksgiving Day holiday in the US nears. LME zinc prices overnight opened at USD 1,905/mt, then moved between USD 1,898-1,905/mt. The Conference Board’s October CCI was only 70.4, falling short of expectations and September’s levels, but October construction permits rose significantly, much higher than the 6.2% in September, triggering concerns that the Fed will taper off QE3 soon. LME zinc prices thus fell below USD 1,900/mt, and closing at USD 1,888.8/mt, down USD 15.5/mt. Trading volumes decreased by 595 lots to 6,680 lots, and total positions decreased by 1,225 lots, to 288,000 lots.

LME zinc prices are expected to move between USD 1,875-1,895/mt today, and SHFE 1402 zinc contract prices should hover between RMB 14,760-14,820/mt, with spot premiums of RMB 80-120/mt against SHFE 1401 zinc contract prices.
 

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