Metals News
SMM Morning Review - 2010/3/2 Zinc Market
smm insight
09:55AM
Mar 2,2010
Source:SMM

SHANGHAI, Mar. 2 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
Feb. Average
2,179
-16
57,796
214,806
516,444
Mar. 1st   
2,230
-25
41,790
221,345
541,375

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
Mar. 1st                      
18,320
18,300
18,149
1:6.8267

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Feb. 12th              
18,345
18,320
17,912
17,900
Mar. 1st                   
18,610
18,685
18,213
18,175

Summary

The Chile earthquake triggered investor concerns over copper and copper ore supply, and metals prices generally closed up on the LME market as a result. LME zinc prices jumped to USD 2,260/mt after opening high. However, the Institute for Supply Management (ISM) announced that the manufacturing index in February was 56.5, with the estimated level of 57.5, while the manufacturing index was 58.4 in January. The sluggish manufacturing data helped raise the US dollar index. In other news, mines and ports were not damaged in Chile earthquake, and have resumed operations, but supply of electric power was unstable, helping limit the increases in market supply in the next few days. In this context, LME zinc prices lost previous gains, with prices finally closing at USD 2,230/mt. SMM predicts SHFE 1006 zinc contract prices will move in the RMB 18,400-18,800/mt range today.   

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

 

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