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SMM Zinc Market Morning Review (2014-10-24)
Oct 24,2014 09:28CST
price review forecast
Source:SMM
HSBC's October PMI for China rose to 50.4, but failed to bolster market sentiment.

SHANGHAI, Oct. 24 (SMM) – HSBC's October PMI for China rose to 50.4, but failed to bolster market sentiment. LME zinc prices opened at USD 2,248/mt, then fluctuated around USD 2,250/mt. Major economic indicators released during European and US trading hours, however, were mixed. Euro zone and Germany's PMIs were unexpectedly upbeat, and FHFA's August home price index for the US was also positive, both helping ease risk aversion. But UK's September retail sales were sluggish. LME zinc prices thus dipped to USD 2,232/mt before finding support, hovering around USD 2,270/mt, but rising at the end of trading and closing at USD 2,259/mt, up USD 6/mt or 0.27%. Trading volumes decreased 2,460 to 8,392 lots, and total positions were up 790 to 298,177 lots. LME zinc inventories fell 2,775 to 714,275 mt.

LME zinc prices will fluctuate between USD 2,240-2,275/mt today, and SHFE 1412 zinc contract prices will move between RMB 16,590-16,690/mt, with spot premiums between RMB 270-330/mt against SHFE 1412 zinc contract prices.
 

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