SMM Morning Review - 2010/5/20 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/20 Zinc Market

SMM Insight 10:14:54AM May 20, 2010 Source:SMM

SHANGHAI, May 20 (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 19th
1,880
-31.5
80,172
233,398
565,750

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
May 17th                
15,665
15,735
17,654
1:6.8275
May 19th                   
15,010
14,875
15,071
1:6.8278

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
May 17th               
15,970
16,165
18,713
15,700
May 19th                    
15,340
15,265
15,382
15,100

Summary

The US dollar index fell from 87.3 to 86.0 on May 19th, allowing LME zinc prices to regain previous losses. LME three-month zinc contract prices finally closed at USD 1,880/mt, but the 5-day moving average remains the pressure level for LME zinc prices currently. In addition, it is worth noting that LME zinc inventories have fallen persistently for almost one weak, and according to the latest report yesterday, LME zinc inventories were 565.7 kt, which may provide support for zinc prices at USD 1,800/mt. SMM predicts SHFE three-month zinc contract prices will move between RMB 15,300-15,800/mt today, with special focus on the impact from domestic A-shares market on zinc market sentiment.  

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 - 2010/5/20 Zinc Market

SMM Insight 10:14:54AM May 20, 2010 Source:SMM

SHANGHAI, May 20 (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 19th
1,880
-31.5
80,172
233,398
565,750

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
May 17th                
15,665
15,735
17,654
1:6.8275
May 19th                   
15,010
14,875
15,071
1:6.8278

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
May 17th               
15,970
16,165
18,713
15,700
May 19th                    
15,340
15,265
15,382
15,100

Summary

The US dollar index fell from 87.3 to 86.0 on May 19th, allowing LME zinc prices to regain previous losses. LME three-month zinc contract prices finally closed at USD 1,880/mt, but the 5-day moving average remains the pressure level for LME zinc prices currently. In addition, it is worth noting that LME zinc inventories have fallen persistently for almost one weak, and according to the latest report yesterday, LME zinc inventories were 565.7 kt, which may provide support for zinc prices at USD 1,800/mt. SMM predicts SHFE three-month zinc contract prices will move between RMB 15,300-15,800/mt today, with special focus on the impact from domestic A-shares market on zinc market sentiment.  

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