SMM Morning Review - 2010/5/21 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/21 Zinc Market

SMM Insight 10:12:29AM May 21, 2010 Source:SMM

SHANGHAI, May 21 (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 20th  
1,870
-30
88,848
237,424
564,875

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 20th                     
15,235
15,240
15,115
1:6.8277

 
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 20th                     
15,555
15,570
15,434
15,275

Summary

The US Department of Labor announced on Thursday that the initial claims for jobless benefits increased to 471,000 in the week ended on May 15th, higher than previous forecast of 440,000, while the jobless claims were revised to 446,000 in the week earlier. The US dollar weakened as a result, and the euro stabilized against the US dollar in response. However, LME zinc prices still lacked upward momentum last night (May 20th), and LME three-month zinc contract prices climbed first but moved lower later, with prices finally ending at USD 1,870/mt, down 0.5% compared with the previous trading day, and positions continued to move on a downward track. Technically, LME zinc prices still faced pressure at the 5-day moving average. SMM predicts SHFE three-month zinc contract prices will move between RMB 15,400-15,500/mt 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 - 2010/5/21 Zinc Market

SMM Insight 10:12:29AM May 21, 2010 Source:SMM

SHANGHAI, May 21 (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 20th  
1,870
-30
88,848
237,424
564,875

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 20th                     
15,235
15,240
15,115
1:6.8277

 
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 20th                     
15,555
15,570
15,434
15,275

Summary

The US Department of Labor announced on Thursday that the initial claims for jobless benefits increased to 471,000 in the week ended on May 15th, higher than previous forecast of 440,000, while the jobless claims were revised to 446,000 in the week earlier. The US dollar weakened as a result, and the euro stabilized against the US dollar in response. However, LME zinc prices still lacked upward momentum last night (May 20th), and LME three-month zinc contract prices climbed first but moved lower later, with prices finally ending at USD 1,870/mt, down 0.5% compared with the previous trading day, and positions continued to move on a downward track. Technically, LME zinc prices still faced pressure at the 5-day moving average. SMM predicts SHFE three-month zinc contract prices will move between RMB 15,400-15,500/mt 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