SMM Morning Review - 2010/5/12 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/12 Zinc Market

SMM Insight 10:05:30AM May 12, 2010 Source:SMM

SHANGHAI, May 12 (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 11th
2,070
-32
68,420
242,041
571,025

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 11th                   
16,230
16,465
17,989
1:6.8270

 
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 11th                     
16,550
16,825
18,772
16,450

Summary

Market concerns over the emergency aid package worth USD 1 trillion for Greece were growing, and the stronger-than-expected inflation data in China also generated market worries that China will raise interest rate in advance. As a result, LME base metals prices closed with decline on May 11th, and LME three-month zinc contract prices fell below USD 2,100/mt, with prices ending at USD 2,070/mt. Both trading volumes and positions experienced declines, an indication of investor pessimism regarding market outlook. As current market sentiment is weak, and domestic A-shares market remains sluggish as well, SMM predicts SHFE 1008 zinc contract prices will move above RMB 16,500/mt weakly today. 

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 - 2010/5/12 Zinc Market

SMM Insight 10:05:30AM May 12, 2010 Source:SMM

SHANGHAI, May 12 (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 11th
2,070
-32
68,420
242,041
571,025

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 11th                   
16,230
16,465
17,989
1:6.8270

 
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 11th                     
16,550
16,825
18,772
16,450

Summary

Market concerns over the emergency aid package worth USD 1 trillion for Greece were growing, and the stronger-than-expected inflation data in China also generated market worries that China will raise interest rate in advance. As a result, LME base metals prices closed with decline on May 11th, and LME three-month zinc contract prices fell below USD 2,100/mt, with prices ending at USD 2,070/mt. Both trading volumes and positions experienced declines, an indication of investor pessimism regarding market outlook. As current market sentiment is weak, and domestic A-shares market remains sluggish as well, SMM predicts SHFE 1008 zinc contract prices will move above RMB 16,500/mt weakly today. 

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