SHFE Zinc to test Support from 20-Day Moving Average (2015-12-21)

Dec 21, 2015 10:00

Source:SMM

There is limited solid macroeconomic news today. European and US markets will close Thursday due to Christmas holiday, and investors are expected to withdraw due to market caution.

SHANGHAI, Dec. 21 (SMM) – There is limited solid macroeconomic news today. European and US markets will close Thursday due to Christmas holiday, and investors are expected to withdraw due to market caution. LME zinc prices are expected to move between 1,500-1,530/mt today. SHFE 1602 zinc contract prices will fluctuate between RMB 12,650-12,850/mt today.

See forecast for other base metals, please click: Trading to Wane Ahead of Holidays, SMM Says

In China’s spot markets, zinc smelters will sell modestly, and some hedge traders will hold prices firm. There will be additional inflows of imported zinc. Spot zinc should trade RMB 20/mt below or RMB 50/mt above SHFE 1602 zinc contract prices.

Key Macroeconomic Indicators for Base Metal Prices (2015-12-21)

SHFE zinc prices

LME zinc prices

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SHFE Zinc to test Support from 20-Day Moving Average (2015-12-21)

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