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SMM Zinc Market Morning Review (2014-10-22)
Oct 22,2014 09:54CST
price review forecast
Source:SMM
China’s Q3 growth rose 7.3%, slightly better than market expectations.

SHANGHAI, Oct. 22 (SMM) – China’s Q3 growth rose 7.3%, slightly better than market expectations. But fixed assets investments remained poor, leaving investors cautious. US September existing home sales hit a one-year high, boosting market confidence and pushing up US stocks. LME zinc prices opened at USD 2,209.5/mt, then dipped to a four-month low of USD 2,166/mt, but later rebounded to USD 2,200/mt, and closed at USD 2,218.5/mt, up USD 17.5/mt or 0.8%.

SHFE 1412 zinc contract prices opened at RMB 16,250/mt Tuesday evening, then edged up with LME zinc prices, touching as high as RMB 16,380/mt, and closed at RMB 16,360/mt, up RMB 150/mt or 0.93%. Trading volumes increased 14,360 to 234,700 lots, and total positions increased 142 to 142,072 lots.

LME zinc prices will fluctuate between USD 2,195-2,225/mt today, and SHFE 1412 zinc contract prices will move between RMB 16,170-16,270/mt, with spot premiums between RMB 320-370/mt against SHFE 1412 zinc contract prices.
 

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