SMM Morning Review - 2010/3/8 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/8 Zinc Market

SMM Insight 10:41:40AM Mar 08, 2010 Source:SMM

SHANGHAI, Mar. 8 (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. 5th   
2,345
-26
51,681
223,341
540,700

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. 5th                   
18,000
17,930
18,081
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. 5th                  
18,430
18,265
18,213
17,725

Summary

LME zinc prices jumped boosted by better-than-expected employment in the US. The US Department of Labor released last Friday that the non-farm employment in February declined by 36,000, while Reuters predicted the non-farm employment would decline by 50,000. The non-farm employment in January fell by 20,000 before being revised to a drop of 26,000. The employment rate was 9.7% in February, while the prediction was 9.8%. Market sentiment improved, and LME zinc prices advanced by 4.22% to USD 2,345/mt on March 5th. However, although short positions left the market temporarily, struggles between long and short positions will remain intense in the near term, and LME zinc prices are expected to fall. SHFE three-month zinc contract prices face great pressure at RMB 19,000/mt today, with prices expected to move in the RMB 18,600-18,990/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 - 2010/3/8 Zinc Market

SMM Insight 10:41:40AM Mar 08, 2010 Source:SMM

SHANGHAI, Mar. 8 (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. 5th   
2,345
-26
51,681
223,341
540,700

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. 5th                   
18,000
17,930
18,081
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. 5th                  
18,430
18,265
18,213
17,725

Summary

LME zinc prices jumped boosted by better-than-expected employment in the US. The US Department of Labor released last Friday that the non-farm employment in February declined by 36,000, while Reuters predicted the non-farm employment would decline by 50,000. The non-farm employment in January fell by 20,000 before being revised to a drop of 26,000. The employment rate was 9.7% in February, while the prediction was 9.8%. Market sentiment improved, and LME zinc prices advanced by 4.22% to USD 2,345/mt on March 5th. However, although short positions left the market temporarily, struggles between long and short positions will remain intense in the near term, and LME zinc prices are expected to fall. SHFE three-month zinc contract prices face great pressure at RMB 19,000/mt today, with prices expected to move in the RMB 18,600-18,990/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