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SMM Zinc Market Morning Review (2014-6-25)
Jun 25,2014 09:19CST
price review forecast
Source:SMM
US June CCI and May home sales both hit a record high since 2008, which gave some boost to the market.

SHANGHAI, Jun. 25 (SMM) – US June CCI and May home sales both hit a record high since 2008, which gave some boost to the market. But risk aversion grew due to escalating chaos in Iraq, pushing down US stocks, with the Dow Jones Industrial Average falling by the most in June. LME zinc prices opened at USD 2,182.5/mt, and touched USD 2,195/mt, but fell later the day, and closing at USD 2,176.25/mt, down USD 9.25/mt or 0.15%. Trading volumes increased by 209 lots to 8,075 lots, and total positions increased 1,801 lots to 306,913 lots.

SHFE 1409 zinc contract prices opened at RMB 15,710/mt on Tuesday evening, then fell to RMB 15,675/mt, and closing at RMB 15,675/mt, down RMB 45/mt or 0.29%. Trading volumes decreased by 17,196 lots to 19,086 lots, and total positions increased by 2,680 lots to 128,744 lots.

Political turmoil will continue to depress market sentiment. US durable goods orders in May and Q1 GDP will be released today, which are pessimistic. LME zinc prices will move between USD 2,155-2,185/mt today, and SHFE 1409 zinc contract prices will move between RMB 15,600-15,700/mt, with spot discounts between RMB 100-130/mt against SHFE 1409 zinc contract prices.
 

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