Metals News
SMM Morning Review - 2010/3/11 Zinc Market
smm insight
10:05AM
Mar 11,2010
Source:SMM

SHANGHAI, Mar. 11 (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. 10th      
2,360
-28
60,119
229,185
539,300

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. 10th                   
18,810
18,775
18,247
1:6.8264

 
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. 10th                   
19,175
19,145
18,311
18,350

Summary

LME zinc prices showed general performance yesterday. China Customs announced on Wednesday that China's imports of unwrought copper and copper semis in February increased by 10.3% on a monthly basis, better than market expectation. LME zinc prices fluctuated higher, with the highest level at USD 2,425/mt, but later erased previous gains negatively affected by sell-offs, with prices finally ending at USD 2,360/mt. Technically, struggles between long and short positions remained intense, and LME zinc prices are expected to fluctuate in the current range in the short term. Spot discounts remained high for three consecutive days, and SMM predicts SHFE three-month zinc contract prices will move around RMB 19,200/mt today, and spot zinc prices will have trouble breaking the RMB 18,400/mt mark.

To contact the writer on this report: monicagao@smm.cn

 

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