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SMM Zinc Market Morning Review (2014-7-1)
Jul 1,2014 10:02CST
price review forecast
Source:SMM
Chicago's June PMI was 62.6, lower than market expectations, but employment index was 58.4, better than May's, with investors optimistic toward US employment market.

SHANGHAI, Jul. 1 (SMM) – Chicago's June PMI was 62.6, lower than market expectations, but employment index was 58.4, better than May's, with investors optimistic toward US employment market. Besides, US existing home sales in May rose the most in four years, boosting market sentiment. When combined with continuously falling US dollar index, base metals prices were drove up. LME zinc prices opened at USD 2,183.25/mt, then rose to touch USD 2,219.5/mt, a record high since last March, and closing at USD 2,216.75/mt, up USD 30/mt or 1.37%. Trading volumes increased by 3,505 lots, and total positions decreased 322 lots to 312,400 lots. LME zinc inventories were down 525 mt to 668,475 mt.

SHFE 1409 zinc contract prices opened at RMB 15,975/mt on Monday evening, and broke through RMB 16,000/mt since LME zinc prices breached USD 2,200/mt, touching RMB 16,140/mt, a record high since last February, and closing at RMB 16,045/mt, up RMB 100/mt or 0.63%. Trading volumes soared by over 100,000 lots, to 127,500 lots, and total positions increased by 12,000 lots to 186,900 lots.

China's official PMI for June will be released today. LME zinc prices will rise to USD 2,205-2,230/mt today, and SHFE 1409 zinc contract prices will move between RMB 16,020-16,120/mt, with spot discounts between RMB 280-250/mt against SHFE 1409 zinc contract prices.
 

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