SMM Morning Review - 2010/8/30 Zinc Market

SHANGHAI, Aug. 30 (SMM) -- Federal Reserve Chairman Ben S. Bernanke said last Friday that the committee is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly. The Commerce Department lowered its estimate for gross domestic product (GDP) in 2Q to an annual pace of 1.6% from an initially reported 2.4%, higher than the prediction of a rise of 1.4%. The news boosted the US stock markets and currency markets, with Dow Jones Industrial Average recovering to 10,000 points last Friday. In response, LME base metals prices closed with gains, with LME zinc prices closing at USD 2,085/mt, up 1.21%. Today, the London Metal Exchange is closed for the British Summer Bank Holiday, and SMM predicts SHFE zinc prices will move more cautiously with a lack of LME market direction.                

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