SMM Morning Review - 2010/3/19 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/19 Zinc Market

SMM Insight 10:07:09AM Mar 19, 2010 Source:SMM

SHANGHAI, Mar. 19 (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. 18th   
2,320
-31
64,882
216,557
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. 18th                  
18,375
18,465
18,299
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. 18th                  
18,715
18,865
18,704
18,200

Summary

China's central bank drained as much as RMB 213 billion through open market operations this week, with the amount setting a new high within two years, and the sale of short-term bills and repurchase agreements by China's central bank reached the peak this week. The US dollar advanced due to market concerns that China's possible move to further tighten up monetary policy may restrict Chinese demand, weighing down metals prices. LME zinc prices closed at USD 2,320/mt last night, down USD 20/mt, but received strong buying support at 5-day moving average line, and both positions and trading volumes increased. SMM predicts SHFE three-month zinc contract prices will move in the RMB 18,500-18,900/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 - 2010/3/19 Zinc Market

SMM Insight 10:07:09AM Mar 19, 2010 Source:SMM

SHANGHAI, Mar. 19 (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. 18th   
2,320
-31
64,882
216,557
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. 18th                  
18,375
18,465
18,299
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. 18th                  
18,715
18,865
18,704
18,200

Summary

China's central bank drained as much as RMB 213 billion through open market operations this week, with the amount setting a new high within two years, and the sale of short-term bills and repurchase agreements by China's central bank reached the peak this week. The US dollar advanced due to market concerns that China's possible move to further tighten up monetary policy may restrict Chinese demand, weighing down metals prices. LME zinc prices closed at USD 2,320/mt last night, down USD 20/mt, but received strong buying support at 5-day moving average line, and both positions and trading volumes increased. SMM predicts SHFE three-month zinc contract prices will move in the RMB 18,500-18,900/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