SMM Morning Review - 2010/3/16 Zinc Market-Shanghai Metals Market

Hot Keywords

  • Silicon
  • Inventory data
  • Nickel
  • Aluminium
  • Copper scrap
  • Rare earth
  • MMi Iron Ore Port Index
  • Zinc
  • Macroeconomics
  • Copper
  • provisional iron ore export permits
  • Futures movement
  • Market commentary
  • Evening comments
  • Operating rates

SMM Morning Review - 2010/3/16 Zinc Market

SMM Insight 10:20:21AM Mar 16, 2010 Source:SMM

SHANGHAI, Mar. 16 (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. 15th   
2,275
-29.5
58,575
225,281
538,425

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. 15th                  
17,960
17,970
18,224
1:6.8261

 
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. 15th                  
18,315
18,420
18,247
17,950

Summary

The US dollar index advanced last night, and crude oil and metals prices slipped in response. LME zinc prices finally closed at USD 2,275/mt, down 2.78%, and positions declined slightly by over 3,000 lots. Technically, zinc prices will likely fall further in the near term, with focus on the support at 30-day moving average. Spot zinc prices fell below RMB 18,000/mt yesterday in domestic market, and downstream purchases were moderate, and SMM predicts SHFE 1006 zinc contract prices will move in the RMB 18,200-18,600/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 - 2010/3/16 Zinc Market

SMM Insight 10:20:21AM Mar 16, 2010 Source:SMM

SHANGHAI, Mar. 16 (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. 15th   
2,275
-29.5
58,575
225,281
538,425

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. 15th                  
17,960
17,970
18,224
1:6.8261

 
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. 15th                  
18,315
18,420
18,247
17,950

Summary

The US dollar index advanced last night, and crude oil and metals prices slipped in response. LME zinc prices finally closed at USD 2,275/mt, down 2.78%, and positions declined slightly by over 3,000 lots. Technically, zinc prices will likely fall further in the near term, with focus on the support at 30-day moving average. Spot zinc prices fell below RMB 18,000/mt yesterday in domestic market, and downstream purchases were moderate, and SMM predicts SHFE 1006 zinc contract prices will move in the RMB 18,200-18,600/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