SMM Morning Review - 2010/3/18 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/18 Zinc Market

SMM Insight 10:08:42AM Mar 18, 2010 Source:SMM

SHANGHAI, Mar. 18 (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. 17th   
2,350
-30
39,508
215,375
540,400

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. 17th                  
18,600
18,530
18,266
1:6.8262

 
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. 17th                  
18,995
18,840
18,617
18,200

Summary

The US Department of Labor announced on Wednesday that producer price index (PPI) in February fell by 0.6% on a monthly basis, setting a record decline since July 2009, while the previous estimation was a decline of 0.2% in PPI, an indication of relatively low pressure on price. In addition, the US Federal Reserve announced to keep the federal funds rate at historical low level of zero to 0.25% for "an extended period", increasing the optimistic speculation by market investors. Positions of LME zinc declined significantly by nearly 10,000 lots on March 17th, and the withdrawal of short positions helped push up zinc prices, and LME zinc prices finally closed at USD 2,350/mt, up USD 40/mt. SMM predicts SHFE zinc prices will fluctuate in the RMB 18,600-19,200/mt range today, with greater pressure around the previous high level of RMB 19,400/mt. 

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 - 2010/3/18 Zinc Market

SMM Insight 10:08:42AM Mar 18, 2010 Source:SMM

SHANGHAI, Mar. 18 (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. 17th   
2,350
-30
39,508
215,375
540,400

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. 17th                  
18,600
18,530
18,266
1:6.8262

 
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. 17th                  
18,995
18,840
18,617
18,200

Summary

The US Department of Labor announced on Wednesday that producer price index (PPI) in February fell by 0.6% on a monthly basis, setting a record decline since July 2009, while the previous estimation was a decline of 0.2% in PPI, an indication of relatively low pressure on price. In addition, the US Federal Reserve announced to keep the federal funds rate at historical low level of zero to 0.25% for "an extended period", increasing the optimistic speculation by market investors. Positions of LME zinc declined significantly by nearly 10,000 lots on March 17th, and the withdrawal of short positions helped push up zinc prices, and LME zinc prices finally closed at USD 2,350/mt, up USD 40/mt. SMM predicts SHFE zinc prices will fluctuate in the RMB 18,600-19,200/mt range today, with greater pressure around the previous high level of RMB 19,400/mt. 

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