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SMM Morning Review - 2010/8/6 Zinc Market
SHANGHAI, Aug. 6 (SMM) -- The number of US initial jobless claims last week were higher than expected, spurring investor concerns over the job markets and overall economic recovery. Meanwhile, LME base metals prices needed corrections after experiencing significant increases for near three weeks, with LME zinc prices closing at USD 2,095/mt, down USD 15/mt. However, LME zinc prices still move above all moving averages currently, and SMM predicts LME zinc prices will fluctuate around the 5-day moving average in the near term. SHFE zinc prices are expected to undergo corrections as well, with SHFE 1011 zinc contract prices expected to struggle at RMB 17,000/mt.
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