SMM Morning Review - 2010/3/24 Zinc Market-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Futures movement
  • MMi Iron Ore Port Index
  • Inventory data
  • Copper scrap
  • Nickel
  • Copper
  • Aluminium
  • Stainless steel
  • Macroeconomics
  • Evening comments
  • Production data
  • Tin
  • Market commentary
  • inventory

SMM Morning Review - 2010/3/24 Zinc Market

SMM Insight 10:09:31AM Mar 24, 2010 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

 

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 - 2010/3/24 Zinc Market

SMM Insight 10:09:31AM Mar 24, 2010 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

 

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