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SMM Zinc Market Morning Review

Release time:2014-11-28

Nov 28, 2014 01:50 GMT   Source:SMM

Tags: zinc prices

 

 

SHANGHAI, Nov. 28 (SMM) – The market was quiet yesterday due to the Thanksgiving Day holiday. CPIs from Germany and Spain slid, fueling market expectations that the European Central Bank will push QE soon, weighing down the euro. In the meantime, OPEC countries have no plan to cut output, pushing down crude oil prices and depressing market sentiment. LME zinc prices opened at USD 2,270.5/mt, then fluctuated between USD 2,270-2,280/mt, closing at USD 2,258.5/mt, down USD 14/mt or 0.62%. Trading volumes decreased 4,402 to 4,830 lots, and total positions were down 1,451 to 300,000 lots. LME zinc inventories grew 2,725 mt to 669,075 mt. 

SHFE 1501 zinc contract prices opened at RMB 16,825/mt Thursday evening, and dipped to as low as USD 16,750/mt as a large number of investors left the market, and closing at RMB 16,770/mt, down RMB 60/mt or 0.36%. Trading volumes decreased 6,556 to 57,606 lots, and total positions were down 3,856 to 123,790 lots. SHFE 1502 zinc contracts became the most actively traded contracts, with total positions decreasing 876 lots to 119,104 lots.

Euro zone inflation and employment data scheduled for release today are not promising due to low inflation from Germany and Spain. Risk aversion will increase at the week’s end. LME zinc prices will fluctuate between USD 2,245-2,275/mt today. SHFE 1501 zinc contract prices will move between RMB 16,730-16,830/mt, with spot premiums between RMB 140-210/mt against SHFE 1501 zinc contract prices.