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SMM Zinc Market Morning Review

Release time:2014-11-24

 Nov 24, 2014 02:07 GMT   Source:SMM

Tags: zinc prices

 

SHANGHAI, Nov. 24 (SMM) – The Shanghai Composite Index rebounded last Friday due to positive macroeconomic news. LME zinc prices opened at USD 2,263/mt, then edged up. The PBOC unexpectedly lowered interest rates, boosting market sentiment and pushing up LME zinc prices to touch USD 2,318.25/mt, and closing the day at USD 2,294/mt, up USD 42.25/mt or 1.88%. Trading volumes increased to 17,098 lots, and total positions were up to 295,985 lots.

SHFE 1501 zinc contract prices opened higher at RMB 17,060/mt last Friday evening, then inched lower to USD 17,000/mt, and closing at RMB 16,955/mt, up RMB 195/mt or 1.16%. Trading volumes increased 126,528 to 243,234 lots, and total positions were up 5,266 to 185,722 lots.

LME zinc prices will fluctuate between USD 2,280-2,310/mt today. SHFE 1501 zinc contract prices will move between RMB 16,950-17,100/mt, with spot premiums between RMB 130-200/mt against SHFE 1501 zinc contract prices.