SMM Morning Review - 2010/3/4 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/4 Zinc Market

SMM Insight 10:03:17AM Mar 04, 2010 Source:SMM

SHANGHAI, Mar. 4 (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. 3rd    
2,285
-25
66,282
220,796
541,175

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. 3rd                      
17,680
17,690
18,097
1:6.8266

 
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. 3rd                   
18,090
18,060
18,211
17,650

Summary

The Greek government passed additional budget cuts to slice 4.8 billion euro ($6.6 billion) from the deficit, boosting metals prices, and LME zinc prices climbed to the highest level of USD 2,335/mt from USD 2,195/mt, with prices finally closing at USD 2,285/mt. In addition, the US non-manufacturing index was 53.0 in February, higher than the estimate of 51.0, also helping increase market confidence in economic recovery. SMM predicts SHFE three-month zinc contract prices will advance to a range of RMB 18,400-18,800/mt today, but spot zinc prices will climb at a slower pace, since a limited number of downstream producers were still consuming the existing stocks built before the holiday.

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 - 2010/3/4 Zinc Market

SMM Insight 10:03:17AM Mar 04, 2010 Source:SMM

SHANGHAI, Mar. 4 (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. 3rd    
2,285
-25
66,282
220,796
541,175

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. 3rd                      
17,680
17,690
18,097
1:6.8266

 
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. 3rd                   
18,090
18,060
18,211
17,650

Summary

The Greek government passed additional budget cuts to slice 4.8 billion euro ($6.6 billion) from the deficit, boosting metals prices, and LME zinc prices climbed to the highest level of USD 2,335/mt from USD 2,195/mt, with prices finally closing at USD 2,285/mt. In addition, the US non-manufacturing index was 53.0 in February, higher than the estimate of 51.0, also helping increase market confidence in economic recovery. SMM predicts SHFE three-month zinc contract prices will advance to a range of RMB 18,400-18,800/mt today, but spot zinc prices will climb at a slower pace, since a limited number of downstream producers were still consuming the existing stocks built before the holiday.

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