Will Zinc Prices Extend Declines or Regain Rising Momentum? SMM Interviews-Shanghai Metals Market

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Will Zinc Prices Extend Declines or Regain Rising Momentum? SMM Interviews

Industry News 10:25:50AM Aug 12, 2014 Source:SMM

SHANGHAI, Aug. 12 (SMM) – The surging trend stopped abruptly in the zinc market. LME zinc tumbled for four trading days in a row, and SHFE zinc followed suit. During the period of Aug. 5-8, LME zinc slid by 4.32%, while SHFE 1410 zinc shed by 2.38%. What factors caused the decline in the zinc market? Will zinc prices continue falling or regain some rising stream? 

Most analysts from major domestic futures companies, interviewed by Shanghai Metals Market, noted that profit-taking is blamed for recent losses in the zinc market, but the rising trend remains intact. 

“Recent corrections in the zinc market will not stop its upward trend, and key support level for LME and SHFE zinc will be $2,250 per tonne and 16,500 yuan per tonne, respectively”, said one analyst from CITIC Futures told SMM in a recent interview. 
 
Meanwhile, analysts generally understood that growing inventories both in LME and SHFE markets and no improvement in consumption will put a downward pressure on short-term zinc price, but any declines should be small. 
 
The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article. 

For news cooperation, please contact us by email:sallyzhang@smm.cn or service.en@smm.cn.

Will Zinc Prices Extend Declines or Regain Rising Momentum? SMM Interviews

Industry News 10:25:50AM Aug 12, 2014 Source:SMM

SHANGHAI, Aug. 12 (SMM) – The surging trend stopped abruptly in the zinc market. LME zinc tumbled for four trading days in a row, and SHFE zinc followed suit. During the period of Aug. 5-8, LME zinc slid by 4.32%, while SHFE 1410 zinc shed by 2.38%. What factors caused the decline in the zinc market? Will zinc prices continue falling or regain some rising stream? 

Most analysts from major domestic futures companies, interviewed by Shanghai Metals Market, noted that profit-taking is blamed for recent losses in the zinc market, but the rising trend remains intact. 

“Recent corrections in the zinc market will not stop its upward trend, and key support level for LME and SHFE zinc will be $2,250 per tonne and 16,500 yuan per tonne, respectively”, said one analyst from CITIC Futures told SMM in a recent interview. 
 
Meanwhile, analysts generally understood that growing inventories both in LME and SHFE markets and no improvement in consumption will put a downward pressure on short-term zinc price, but any declines should be small. 
 
The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article. 

For news cooperation, please contact us by email:sallyzhang@smm.cn or service.en@smm.cn.