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SMM Zinc Market Morning Review (2014-8-12)
Aug 12, 2014 10:02CST
Source:SMM
US stocks maintained upward track on easing geopolitical chaos.

SHANGHAI, Aug. 12 (SMM) – US stocks maintained upward track on easing geopolitical chaos. LME zinc prices opened at USD 2,295/mt then inched down to USD 2,281.5/mt, but then rebounded to an intraday high of USD 2,321.5/mt, and closing at USD 2,308.25/mt, up USD 12/mt or 0.52%. Trading volumes decreased by 3,304 to 9,264 lots, and total positions fell by 1,019 to 322,194 lots. LME zinc inventories were up 14,550 to 706,175 mt.

SHFE 1410 zinc contract prices opened higher at RMB 16,725/mt Monday evening, but dipped to RMB 16,625/mt due to selling pressure, and closing at RMB 16,630/mt, down RMB 25/mt or 0.15%. Trading volumes decreased by 18,346 to 177,850 lots, and total positions grew by 7,116 to 239,540 lots.

The market will remain cautious ahead of economic indicators releases in the latter half of the week. LME zinc prices will move between USD 2,280-2,320/mt today, and SHFE 1410 zinc contract prices will move between RMB 16,585-16,685/mt, with spot premiums between RMB 0-40/mt against SHFE 1410 zinc contract prices.
 

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