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SMM Zinc Market Morning Review

Release time:2014-11-18

Nov 18, 2014 01:35 GMT   Source:SMM

Tags: zinc prices

 

SHANGHAI, Nov. 18 (SMM) – Base metals prices consolidated overnight on mixed economic indicators. Japan's Q3 growth unexpectedly slid, and European Central Bank President Draghi stated they will push additional easy measures, pushing down the euro whilst pulling up the US dollar. Mixed economic indicators from the US kept investors cautious.

LME zinc prices opened at USD 2,265/mt, fluctuating around USD 2,265/mt during Asian trading, then inched down to USD 2,250-2,260/mt during European and US trading, and closing the day at USD 2,257.25/mt, down USD 7.5/mt or 0.33%. Trading volumes were down 1,882 to 4,652 lots, and total positions decreased 2,951 to 312,944 lots. LME zinc inventories fell 2,275 to 685,175 mt.

SHFE 1501 zinc contract prices opened at RMB 16,660/mt Monday evening, then hovered between USD 16,710-16,750/mt, and closing at RMB 16,715/mt, up RMB 20/mt or 0.12%. Trading volumes were down 95,786 to 90,524 lots, and total positions increased 5,618 to 163,664 lots.

UK's inflation rate, ZEW's economic climate index for Germany and US October PPI slated for release today are expected to be mixed. LME zinc prices will fluctuate between USD 2,245-2,275/mt today. SHFE 1501 zinc contract prices will move between RMB 16,680-16,780/mt, with spot premiums between RMB 220-280/mt against SHFE 1501 zinc contract prices.