SMM Morning Review - 2010/3/5 Zinc Market-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • Production data
  • Market commentary
  • Macroeconomics
  • Morning comments
  • Aluminium
  • Copper
  • Stainless steel
  • Mengtai Group
  • hydrogen stations
  • Nickel
  • Iron ore
  • Futures movement

SMM Morning Review - 2010/3/5 Zinc Market

SMM Insight 10:11:57AM Mar 05, 2010 Source:SMM

SHANGHAI, Mar. 5 (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. 4th     
2,250
-26
68,804
224,096
541,050

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. 4th                      
17,830
17,915
18,086
1:6.8265

 
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. 4th                  
18,190
18,245
18,212
17,850

Summary

The US economic data was mixed, and the US factory new orders increased by 1.7% during January, and commercial aircraft orders jumped, but pending home sales index dropped unexpectedly, generating market concerns over demand recovery, and funds were sold off. In addition, the US initial applications for unemployment benefits last declined to 469,000, lower than the forecast of 470,000. The US dollar index remained strong, generally weighing on base metals prices. LME zinc prices soared to USD 2,326/mt on March 4th, but later almost lost all previous gains, with prices finally ending at USD 2,250/mt. SMM predicts SHFE three-month zinc contract prices will continue to move in the RMB 18,100-18,500/mt range today. 

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 - 2010/3/5 Zinc Market

SMM Insight 10:11:57AM Mar 05, 2010 Source:SMM

SHANGHAI, Mar. 5 (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. 4th     
2,250
-26
68,804
224,096
541,050

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. 4th                      
17,830
17,915
18,086
1:6.8265

 
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. 4th                  
18,190
18,245
18,212
17,850

Summary

The US economic data was mixed, and the US factory new orders increased by 1.7% during January, and commercial aircraft orders jumped, but pending home sales index dropped unexpectedly, generating market concerns over demand recovery, and funds were sold off. In addition, the US initial applications for unemployment benefits last declined to 469,000, lower than the forecast of 470,000. The US dollar index remained strong, generally weighing on base metals prices. LME zinc prices soared to USD 2,326/mt on March 4th, but later almost lost all previous gains, with prices finally ending at USD 2,250/mt. SMM predicts SHFE three-month zinc contract prices will continue to move in the RMB 18,100-18,500/mt range today. 

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