SMM Morning Review - 2010/5/6 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/6 Zinc Market

SMM Insight 10:13:03AM May 06, 2010 Source:SMM

SHANGHAI, May 6 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
Apr. Average
2,404
-33
68,089
238,375
545,240
May 5th
2,120
-33
77,182
244,424
566,150

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Apr. 15th                
18,785
18,820
18,575
1:6.8260
May 5th                    
17,200
17,135
18,383
1:6.8267

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Apr. 15th                
19,225
19,280
18,677
18,600
May 5th                   
17,555
17,480
18,908
17,100

Summary

The US dollar index strengthened to 84.3, and LME zinc prices fell to the USD 2,000/mt mark last night as a result, but later LME zinc prices regained some losses supported by falling US dollar and growing purchases, with prices finally ending at USD 2,120/mt. LME zinc prices were relatively firm compared with LME copper, nickel, and lead prices, but faced strong rebounding pressure in view of strengthened US dollar and concerns that Greece's debt crisis may spread to other Euro zone countries. SMM predicts SHFE 1008 zinc contract prices will fluctuate between RMB 17,600-18,000/mt today, and special attention should be paid to the positive impact on market confidence from spot transactions.  

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 - 2010/5/6 Zinc Market

SMM Insight 10:13:03AM May 06, 2010 Source:SMM

SHANGHAI, May 6 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
Apr. Average
2,404
-33
68,089
238,375
545,240
May 5th
2,120
-33
77,182
244,424
566,150

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Apr. 15th                
18,785
18,820
18,575
1:6.8260
May 5th                    
17,200
17,135
18,383
1:6.8267

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Apr. 15th                
19,225
19,280
18,677
18,600
May 5th                   
17,555
17,480
18,908
17,100

Summary

The US dollar index strengthened to 84.3, and LME zinc prices fell to the USD 2,000/mt mark last night as a result, but later LME zinc prices regained some losses supported by falling US dollar and growing purchases, with prices finally ending at USD 2,120/mt. LME zinc prices were relatively firm compared with LME copper, nickel, and lead prices, but faced strong rebounding pressure in view of strengthened US dollar and concerns that Greece's debt crisis may spread to other Euro zone countries. SMM predicts SHFE 1008 zinc contract prices will fluctuate between RMB 17,600-18,000/mt today, and special attention should be paid to the positive impact on market confidence from spot transactions.  

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