SMM Morning Review - 2010/3/9 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/9 Zinc Market

SMM Insight 10:10:43AM Mar 09, 2010 Source:SMM

SHANGHAI, Mar. 9 (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. 8th    
2,375
-28
63,470
222,364
540,500

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. 8th                   
18,650
18,455
18,124
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. 8th                  
19,045
18,850
18,225
18,325

Summary

LME zinc prices moved lower negatively affected by the profit-taking, with prices finally closing at USD 2,375/mt, but the purchasing interest waned when zinc prices were above USD 2,400/mt, since the process of global economic recovery remains unclear. LME zinc prices are expected to fluctuate, but the price range will move higher. Yesterday, SHFE zinc prices showed strong performance, but the sluggish spot market depressed SHFE zinc market, and SMM predicts SHFE 1006 zinc contract prices will move in the RMB 18,800-19,300/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 - 2010/3/9 Zinc Market

SMM Insight 10:10:43AM Mar 09, 2010 Source:SMM

SHANGHAI, Mar. 9 (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. 8th    
2,375
-28
63,470
222,364
540,500

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. 8th                   
18,650
18,455
18,124
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. 8th                  
19,045
18,850
18,225
18,325

Summary

LME zinc prices moved lower negatively affected by the profit-taking, with prices finally closing at USD 2,375/mt, but the purchasing interest waned when zinc prices were above USD 2,400/mt, since the process of global economic recovery remains unclear. LME zinc prices are expected to fluctuate, but the price range will move higher. Yesterday, SHFE zinc prices showed strong performance, but the sluggish spot market depressed SHFE zinc market, and SMM predicts SHFE 1006 zinc contract prices will move in the RMB 18,800-19,300/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