SMM Morning Review - 2010/5/18 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/18 Zinc Market

SMM Insight 10:27:26AM May 18, 2010 Source:SMM

SHANGHAI, May 18 (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 17th
1,870
-31
81,610
241,445
568,250

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 17th                   
15,665
15,735
17,654
1:6.8275

 
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 17th                    
15,970
16,165
18,713
15,700

Summary

Investors still lacked confidence in the economy in Euro zone, and the US stocks and commodity prices declined as a result. LME zinc prices slumped by 8.3% on May 17th, with prices falling below USD 2,000/mt last night. LME zinc prices hit a record low of USD 1,845/mt since October 2009, with prices finally closing at USD 1,870/mt, with high sentiment of withdrawal of speculative funds from the market. In this context, SMM predicts SHFE zinc prices will show relatively sluggish performance today, and SHFE 1008 zinc contract prices will test the support level of RMB 15,500/mt, with special focus on the performance of domestic A-shares market.

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 - 2010/5/18 Zinc Market

SMM Insight 10:27:26AM May 18, 2010 Source:SMM

SHANGHAI, May 18 (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 17th
1,870
-31
81,610
241,445
568,250

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 17th                   
15,665
15,735
17,654
1:6.8275

 
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 17th                    
15,970
16,165
18,713
15,700

Summary

Investors still lacked confidence in the economy in Euro zone, and the US stocks and commodity prices declined as a result. LME zinc prices slumped by 8.3% on May 17th, with prices falling below USD 2,000/mt last night. LME zinc prices hit a record low of USD 1,845/mt since October 2009, with prices finally closing at USD 1,870/mt, with high sentiment of withdrawal of speculative funds from the market. In this context, SMM predicts SHFE zinc prices will show relatively sluggish performance today, and SHFE 1008 zinc contract prices will test the support level of RMB 15,500/mt, with special focus on the performance of domestic A-shares market.

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