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SMM Zinc Market Morning Review

Release time:2014-11-20

 Nov 20, 2014 01:27 GMT   Source:SMM

Tags: zinc prices

 

SHANGHAI, Nov. 20 (SMM) – The market remained cautious ahead of the release of Fed’s October meeting minutes. The Shanghai Composite Index fell for the third trading day. LME zinc prices opened at USD 2,254.75/mt, then fell to an intraday low of USD 2,233.75/mt. During European trading, hawkish meeting minutes from the Bank of England pushed up the GBP and the euro. In addition, US construction permits in October hit a new high since June 2008, boosting market sentiment. LME zinc prices clawed back early losses and returned to USD 2250/mt, and closing the day at USD 2,257/mt, up USD 5/mt or 0.22%. Trading volumes were up 2,515 to 8,084 lots, and total positions decreased 11,598 to 298,412 lots. LME zinc inventories fell 2,225 to 680,575 mt.

SHFE 1501 zinc contract prices opened at RMB 16,665/mt Wednesday evening, then rose to USD 16,740/mt, but rolled back some early gains at the end of trading, and closing at RMB 16,710/mt, up RMB 40/mt or 0.24%. Trading volumes were up 7,534 to 168,714 lots, and total positions increased 6,138 to 156,816 lots.

The market expects the Fed will delay interest rate hike next year, weighing down the US dollar index. China’s PMI is slated for release today. LME zinc prices will fluctuate between USD 2,240-2,270/mt today. SHFE 1501 zinc contract prices will move between RMB 16,680-16,780/mt, with spot premiums between RMB 200-290/mt against SHFE 1501 zinc contract prices.