LME Zinc to Fall (2017-10-18)

Published: Oct 18, 2017 09:34

Save

LME zinc tumbled due to a strong US dollar.

SHANGHAI, Oct. 18 (SMM) –LME zinc tumbled due to a strong US dollar. LME zinc will move at USD 3,065-3,110/mt today and test support at the 60-day moving average. US housing starts and building permits, to be released today, may fall, which will have negative impact on zinc consumption. The most active SHFE zinc will move at lows of RMB 24,800-25,250/mt on weak consumption. Eyes will be on 19th CPC National Congress that started today. #0 zinc will trade at premiums of RMB 240-300/mt over SHFE 1711 zinc.

LME zinc prices SHFE zinc prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

Macro Sentiment Weakens, SHFE Zinc Center Declines [SMM Zinc Morning Comment]

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2608 contract opened at 24,700 yuan/mt. In early trading, SHFE zinc quickly fell to a low of 24,645 yuan/mt, then bulls entered, pushing it up to a high of 24,775 yuan/mt. Thereafter, bulls took profits, and the center of SHFE zinc moved lower, finally closing down at 24,695 yuan/mt, down 45 yuan/mt, up 0.18%. Trading volume decreased to 39,292 lots, and open interest fell by 1,616 lots to 87,863 lots.

2 hours ago

Rate hike expectations resurge, LME zinc falls under pressure [SMM Morning Meeting Summary]

[SMM Morning Meeting Summary: Rate Hike Expectations Resurface, LME Zinc Falls Under Pressure] Overnight, LME zinc opened at $3,581.5/mt. Early in the session, a tug-of-war between longs and shorts saw LME zinc consolidate at highs. Subsequently, during the European trading hours, bulls entered the market, driving the price up to touch a high of $3,600/mt. Then, bears added positions, causing LME zinc to quickly fall to a low of $3,553.5/mt. Afterwards, it consolidated. Finally, it closed down at $3,571/mt, down $8/mt or 0.22%. Trading volume dropped to 11,201 lots, and open interest increased by 1,200 lots to 271,000 lots.

2 hours ago

17 hours ago

[SMM Analysis] Indonesia's May Sulphur and Sulphuric Acid Import and Export Data

17 hours ago