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SMM Zinc Market Morning Review (2014-4-8)
Apr 8,2014 09:19CST
price review forecast
Source:SMM
The number of US non-farm employment released last Friday was 192,000, falling short of expectations and February's level.

SHANGHAI, Apr. 8 (SMM) – The number of US non-farm employment released last Friday was 192,000, falling short of expectations and February's level. LME zinc prices soared to USD 2,000/mt and closed at USD 2,005.5/mt. LME zinc prices overnight opened at USD 2,001/mt and leveled out. The market lacked solid news overnight, with the US dollar index inching down and supporting LME base metals prices. LME zinc prices touched USD 2,011.8/mt, but met resistance at the 40-day moving average due to the lack of buyers, and closing at USD 2,004/mt, down USD 1.5/mt or 0.07%. Trading volumes decreased by 4,330 lots to 5,123 lots, and total positions increased by 3,626 lots to 296,838 lots. LME zinc inventories fell by 4,325 mt to 827,375 mt.

Bank of Japan will announce its interest rates policy today, with UK's February industrial output released. LME zinc prices are expected to move between USD 1,990-2,015/mt today, and SHFE 1406 zinc contract prices will hover between RMB 14,860-14,960/mt, with spot discounts of RMB 140-160/mt against SHFE 1406 zinc contract prices.
 

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LME zinc prices

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