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SMM Morning Review - 2010/7/16 Zinc Market
SHANGHAI, July 16 (SMM) -- The US jobless claims last week hit a record low since August 23rd, 2008, but the US dollar index weakened further to 82.28, hitting a 2-month low. Base metals market was relatively quiet, and LME zinc prices fluctuated in a narrow band on July 15th, and finally closed at USD 1,825/mt, with prices finding support at the 30-day moving average temporarily and hitting the lowest level of USD 1,800/mt.
Today is the first trading day of a new contract month, and SHFE zinc prices are expected to lack upward momentum amid fluctuating LME zinc prices, and SMM predicts SHFE 1010 zinc contract prices will move around RMB 15,200/mt, with support expected at the RMB 15,000/mt mark.
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