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SMM Zinc Market Morning Review (2014-10-13)
Oct 13,2014 09:52CST
price review forecast
Source:SMM
Market fears over global economic growth increased now that major economic indicators from Europe weakened, pushing down US stocks to plunge.

SHANGHAI, Oct. 13 (SMM) – Market fears over global economic growth increased now that major economic indicators from Europe weakened, pushing down US stocks to plunge. LME zinc prices opened at USD 2,333/mt last Friday, then edged down to a weekly low of USD 2,303.25/mt, finding support from USD 2,300/mt, and closing at USD 2,328.5/mt, down USD 5.25/mt or 0.22%. Trading volumes increased by 153 to 9,951 lots, and total positions increased by 4,731 to 30,784 lots. LME zinc inventories were down to 731,675 mt.

SHFE 1412 zinc contract prices opened at RMB 16,650/mt last Friday evening, and touched as high as RMB 16,760/mt, and closed at RMB 16,755/mt, down RMB 55/mt or 0.33%. Trading volumes decreased 38,426 to 230,204 lots, and total positions increased by 2,676 to 175,484 lots.

China’s trade data will be released today, and NDRC officials predict China’s growth in 2015 will be lower than 7% in some quarter. But a strong market fundamental will give support to zinc prices. LME zinc prices will fluctuate between USD 2,300-2,330/mt today, and SHFE 1412 zinc contract prices will move between RMB 16,680-16,780/mt, with spot premiums between RMB 210-240/mt against SHFE 1412 zinc contract prices.

 

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