SMM Morning Review - 2010/3/17 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/17 Zinc Market

SMM Insight 10:32:35AM Mar 17, 2010 Source:SMM

SHANGHAI, Mar. 17 (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. 16th   
2,310
-30
74,122
225,029
539,700

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Mar. 15th              
17,960
17,970
18,224
1:6.8261
Mar. 16th                  
18,280
18,095
18,097
1:6.8263

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Mar. 15th              
18,315
18,420
18,247
17,950
Mar. 16th                  
18,655
18,460
18,461
17,950

Summary

The Federal Reserve announced to maintain federal funds rate at near zero on Tuesday, and reaffirmed that it will keep the interest rate low for an "extended period", and said the recovering momentum for economy increased, and employment recovered as well, and all those news helped boost market confidence in economic recovery, and the US dollar weakened as a result. Standard & Poor's on Tuesday said it was maintaining Greece's BBB+/A-2 sovereign credit ratings, helping stimulate the Euro to advance and depress the US dollar, which in turn pushed up commodity prices. LME zinc prices closed at USD 2,310/mt last night, up USD 35/mt. SMM predicts SHFE zinc prices will advance further today, with SHFE three-month zinc contract prices expected to move in the RMB 18,400-18,900/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 - 2010/3/17 Zinc Market

SMM Insight 10:32:35AM Mar 17, 2010 Source:SMM

SHANGHAI, Mar. 17 (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. 16th   
2,310
-30
74,122
225,029
539,700

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Mar. 15th              
17,960
17,970
18,224
1:6.8261
Mar. 16th                  
18,280
18,095
18,097
1:6.8263

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Mar. 15th              
18,315
18,420
18,247
17,950
Mar. 16th                  
18,655
18,460
18,461
17,950

Summary

The Federal Reserve announced to maintain federal funds rate at near zero on Tuesday, and reaffirmed that it will keep the interest rate low for an "extended period", and said the recovering momentum for economy increased, and employment recovered as well, and all those news helped boost market confidence in economic recovery, and the US dollar weakened as a result. Standard & Poor's on Tuesday said it was maintaining Greece's BBB+/A-2 sovereign credit ratings, helping stimulate the Euro to advance and depress the US dollar, which in turn pushed up commodity prices. LME zinc prices closed at USD 2,310/mt last night, up USD 35/mt. SMM predicts SHFE zinc prices will advance further today, with SHFE three-month zinc contract prices expected to move in the RMB 18,400-18,900/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