Metals News
SMM Morning Review - 2010/3/1 Zinc Market
smm insight
10:59AM
Source:SMM

SHANGHAI, Mar. 1 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
Jan. Average
2,445
-26
57,463
222,379
490,804
Feb. 26th   
2,195
-23
52,884
222,518
541,950

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Feb. 12th               
18,060
17,995
17,648
1:6.8269
Feb. 26th                   
17,945
17,950
18,056
1:6.8269

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Feb. 12th              
18,345
18,320
17,912
17,900
Feb. 26th                  
18,290
18,300
18,198
17,900

Summary

Bloomberg reported Germany may decide to buy Greek government bonds through state-owned bank KfW, and the Euro advanced against the US dollar, and metals prices climbed as a result. LME zinc prices soared to USD 2,200/mt last Friday. A magnitude-8.8 earthquake erupted in Chile, and although any actual effect on copper prices remains unknown, the short-term speculations are expected to drive up copper prices. SMM predicts LME zinc prices will move higher, and SHFE three-month zinc contract prices will climb to above RMB 19,000/mt today.  

To contact the writer on this report: monicagao@smm.cn

 

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