SMM Morning Review - 2010/3/10 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/10 Zinc Market

SMM Insight 10:04:18AM Mar 10, 2010 Source:SMM

SHANGHAI, Mar. 10 (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. 9th     
2,360
-29
71,266
229,976
539,925

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. 9th                  
18,550
18,510
18,137
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. 9th                 
18,915
18,895
18,231
18,250

Summary

The US dollar strengthened, weighing down metals prices, but LME zinc prices moved in a narrow band, with prices finally closing at USD 2,360/mt. Zinc prices have a strong negative correlation with the US dollar index recently, and special attention should be paid to the impact on copper prices from the preliminary import and export data in February which will be released today, and zinc prices are expected to track copper price trends. SMM predicts SHFE 1006 zinc contract prices will fluctuate around RMB 19,000/mt today, with upward movements expected to be limited.

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 - 2010/3/10 Zinc Market

SMM Insight 10:04:18AM Mar 10, 2010 Source:SMM

SHANGHAI, Mar. 10 (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. 9th     
2,360
-29
71,266
229,976
539,925

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. 9th                  
18,550
18,510
18,137
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. 9th                 
18,915
18,895
18,231
18,250

Summary

The US dollar strengthened, weighing down metals prices, but LME zinc prices moved in a narrow band, with prices finally closing at USD 2,360/mt. Zinc prices have a strong negative correlation with the US dollar index recently, and special attention should be paid to the impact on copper prices from the preliminary import and export data in February which will be released today, and zinc prices are expected to track copper price trends. SMM predicts SHFE 1006 zinc contract prices will fluctuate around RMB 19,000/mt today, with upward movements expected to be limited.

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