SMM Morning Review - 2010/3/3 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/3 Zinc Market

SMM Insight 09:54:37AM Mar 03, 2010 Source:SMM

SHANGHAI, Mar. 3 (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. 2nd   
2,255
-25
46,579
220,030
541,200

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. 2nd                      
17,650
17,925
18,138
1:6.8268

 
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. 2nd                   
17,905
18,275
18,214
17,850

Summary

Since the credit crisis in Greece is expected to ease, and the US dollar slipped, and LME zinc prices regained lost ground in response, with prices finally closing at USD 2,255/mt. LME zinc prices soared to the highest level of USD 2,270/mt, and both trading volumes and positions increased significantly supported by buyers, and positions reached 220,000 lots, up more than 10,000 lots compared with the previous trading day. At present, the impact from the Chile earthquake on copper supply remains uncertain, so there is still possibility metals prices will fluctuate widely. Special attention should be paid to the Chinese People's Political Consultative Conference (CPPCC) today, and SMM predicts SHFE three-month zinc contract prices will move in the RMB 18,100-18,600/mt range.    

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

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  Market movement  zinc price  zinc Zn 

SMM Morning Review - 2010/3/3 Zinc Market

SMM Insight 09:54:37AM Mar 03, 2010 Source:SMM

SHANGHAI, Mar. 3 (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. 2nd   
2,255
-25
46,579
220,030
541,200

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. 2nd                      
17,650
17,925
18,138
1:6.8268

 
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. 2nd                   
17,905
18,275
18,214
17,850

Summary

Since the credit crisis in Greece is expected to ease, and the US dollar slipped, and LME zinc prices regained lost ground in response, with prices finally closing at USD 2,255/mt. LME zinc prices soared to the highest level of USD 2,270/mt, and both trading volumes and positions increased significantly supported by buyers, and positions reached 220,000 lots, up more than 10,000 lots compared with the previous trading day. At present, the impact from the Chile earthquake on copper supply remains uncertain, so there is still possibility metals prices will fluctuate widely. Special attention should be paid to the Chinese People's Political Consultative Conference (CPPCC) today, and SMM predicts SHFE three-month zinc contract prices will move in the RMB 18,100-18,600/mt range.    

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

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  Market movement  zinc price  zinc Zn