SMM Morning Review - 2010/5/17 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/17 Zinc Market

SMM Insight 10:53:50AM May 17, 2010 Source:SMM

SHANGHAI, May 17 (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 14th
2,040
-30
71,034
243,099
569,300

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 14th                   
16,450
16,490
17,745
1:6.8273

 
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 14th                    
16,805
16,815
18,724
16,540

Summary

The debt crisis in Europe remains unresolved, and sources report that the debt crisis in Japan is more serious than that in Greece, both generating inventor concerns over the medium-to-long development of global economy, and the risk aversion increased as a result. The US dollar index soared to as high as 86.29 last Friday, setting a new high over 13 months, and commodity prices tumbled in response, with LME zinc prices closing at a recent new low of USD 2,040/mt, down 5%. SMM predicts SHFE zinc prices will fall today in response to the weak LME zinc prices, with SHFE 1008 zinc contract prices expected to move between RMB 16,300-16,700/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 - 2010/5/17 Zinc Market

SMM Insight 10:53:50AM May 17, 2010 Source:SMM

SHANGHAI, May 17 (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 14th
2,040
-30
71,034
243,099
569,300

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 14th                   
16,450
16,490
17,745
1:6.8273

 
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 14th                    
16,805
16,815
18,724
16,540

Summary

The debt crisis in Europe remains unresolved, and sources report that the debt crisis in Japan is more serious than that in Greece, both generating inventor concerns over the medium-to-long development of global economy, and the risk aversion increased as a result. The US dollar index soared to as high as 86.29 last Friday, setting a new high over 13 months, and commodity prices tumbled in response, with LME zinc prices closing at a recent new low of USD 2,040/mt, down 5%. SMM predicts SHFE zinc prices will fall today in response to the weak LME zinc prices, with SHFE 1008 zinc contract prices expected to move between RMB 16,300-16,700/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