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Overview of LME Zinc Market during Chinese National Day Holiday
Oct 8,2014 15:40CST
price review forecast
Source:SMM
Major economic data released during the Chinese National Day holiday were mixed.

 
Opening Price (USD/mt)
High (USD/mt)
Low (USD/mt)
Closing Price (USD/mt)
Trading Volumes (Lot)
Total Positions  (Lot)
Inventories (mt)
Canceled warrants (%)
Oct. 1
2,278
2,285
2,246
2,273
10,330/-868
302,000/-3,441
750,725/-675
22.83
Oct. 2
2,267
2,286
2,246
2,257.25
6,321/-4,009
297,000 /-5,378
748,875/-1,850
22.64
Oct. 3
2,247
2,275
2,239.75
2,269.5
5,931/-390
299,000/-213
745,200/-3,675
21.11
Oct. 6
2,272
2,314.75
2,266.5
2,314.5
7,127/1,196
299,000/-213
742,425/-2,775
20.81
Oct. 7
2,310.25
2,344.5
2,305.25
2,328.75
10,617/3,490
299,000/-179
739,800/-2,625
20.53

SHANGHAI, Oct. 8 (SMM) – Major economic data released during the Chinese National Day holiday were mixed. MARKIT's final September manufacturing PMI for US was 57.5, lower than either the preliminary 57.9 or August's 57.9. US ISM manufacturing index was 56.6, also below the 58.5 expected or August's 59. New orders also slid in September, pointing to a downshift in the US economy. But the number of ADP employment was 213,000, and the number of September non-farm employment rose 248,000, higher than the 215,000 expected. But the market remains uncertain whether the Fed will hike its benchmark rate. The US dollar index fell to 85.8, allowing base metals prices to rally.

LME zinc prices outperformed other base metals during the holiday. The upbeat ADP's employment figures for US fueled anticipation of interest rate hike by the Fed, pushing up the US dollar index to hit a four-year high of 86.746. This dragged down LME zinc prices to dip to a weekly low of USD 2,239.75/mt. But sluggish manufacturing data raised market uncertainties toward the interest rate hike, weighing down the US dollar index to 85.176. When combined with falling LME zinc inventories, LME zinc prices rose for three days in a row, breaching USD 2,300/mt, and touching USD 2,344.5/mt. Total positions decreased 7,202 to 298,700 lots, and LME zinc inventories were down 10,925 to 739,800 mt.
 

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