Metals News
SMM Morning Review - 2010/3/24 Zinc Market
smm insight
10:09AM
Source:SMM

SHANGHAI, Mar. 24 (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. 23rd      
2,245
-32
52,519
218,480
540,825

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. 23rd                   
18,220
18,315
18,341
1:6.8264

 
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. 23rd                   
18,515
18,665
18,708
18,050

Summary

LME zinc prices fluctuated around USD 2,280/mt led by LME copper prices on Tuesday, and the better- than-expected sales of existing US homes boosted stock markets, helping support metals markets. However, LME zinc prices dipped to USD 2,235/mt with strong selling pressure after the US dollar index advanced to 81. Technical indicators show LME zinc prices will fall further, with prices expected to move around USD 2,270/mt. SMM predicts SHFE zinc prices will continue to fluctuate today, with SHFE 1006 zinc contract prices expected to hover around RMB 18,500/mt. 

To contact the writer on this report: monicagao@smm.cn

 

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