SHANGHAI, Mar. 22 (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. 19th
|
2,280
|
-31
|
49,358
|
218,202
|
540,325
|
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. 19th
|
18,605
|
18,540
|
18,352
|
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. 19th
|
18,965
|
18,895
|
18,743
|
18,150
|
Summary
India's central bank unexpectedly raised interest rates on Friday for the first time in almost two years, and investors were concerned that all governments, especially Chinese Government will tighten up monetary policy, resulting in higher demand for the US dollar's risk-avoidance. The US dollar advanced to as high as 80,889 last Friday as a result, and LME zinc prices fell in response, with prices finally closing at USD 2,280/mt, and both trading volumes and positions declined. SMM predicts SHFE zinc prices will continue to fluctuate today, with SHFE 1006 zinc contract prices expected to hover in the RMB 18,500-18,900/mt range.
To contact the writer on this report: monicagao@smm.cn
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