SMM Morning Review - 2010/5/10 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/10 Zinc Market

SMM Insight 10:07:01AM May 10, 2010 Source:SMM

SHANGHAI, May 10 (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 7th
2,095
-29
53,018
246,021
571,800

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 7th                    
16,375
16,445
18,182
1:6.8271

 
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 7th                     
16,655
16,800
18,833
16,475

Summary

The European leaders agreed on a loan package worth EUR 500 billion ($643 billion) to prevent Greece’s fiscal woes from triggering a broader sovereign debt crisis, and the euro rebounded against the US dollar as a result, and metals prices recovered last Friday in response. LME three-month zinc contract prices closed at USD 2,095/mt, with the highest prices reported at USD 2,145/mt and touching the 5-day moving average, and LME zinc prices are expected to regain some losses in the near term. SMM predicts SHFE three-month zinc contract prices will fluctuate above RMB 17,000/mt, with any price trends expected to ease.

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:  zinc price  zinc Zn 

SMM Morning Review - 2010/5/10 Zinc Market

SMM Insight 10:07:01AM May 10, 2010 Source:SMM

SHANGHAI, May 10 (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 7th
2,095
-29
53,018
246,021
571,800

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 7th                    
16,375
16,445
18,182
1:6.8271

 
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 7th                     
16,655
16,800
18,833
16,475

Summary

The European leaders agreed on a loan package worth EUR 500 billion ($643 billion) to prevent Greece’s fiscal woes from triggering a broader sovereign debt crisis, and the euro rebounded against the US dollar as a result, and metals prices recovered last Friday in response. LME three-month zinc contract prices closed at USD 2,095/mt, with the highest prices reported at USD 2,145/mt and touching the 5-day moving average, and LME zinc prices are expected to regain some losses in the near term. SMM predicts SHFE three-month zinc contract prices will fluctuate above RMB 17,000/mt, with any price trends expected to ease.

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:  zinc price  zinc Zn