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SMM Morning Review - 2010/6/30 Zinc Market
SHANGHAI, June 30 (SMM) -- Yesterday, LME zinc prices opened at USD 1,862/mt, with the highest level and lowest level at USD 1,865/mt and USD 1,747/mt, respectively, and finally prices ended at USD 1,768/mt.
China stocks slumped to a 14-month low of 2425.93 points yesterday due the news that Agricultural Bank of China (ABC) is set to raise up to USD 23.2 billion in the world's largest IPO, as well as the delivery of FTSE Xinhua China A50 Index futures contracts. Global inventors were concerned about the pace of economic recovery, raising risk-aversion sentiment in the market, and LME base metals prices tumbled last night due to sell-offs.
Market sentiment was bearish given sharp declines in base metals prices, and base metals prices will likely fluctuate in a narrow band in the near term. SMM predicts SHFE 1010 zinc contract prices will move between RMB 14,300-14,750/mt today.
To contact the writer on this report: angelawang@smm.cn
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