SMM Morning Review - 2010/5/24 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/24 Zinc Market

SMM Insight 10:13:11AM May 24, 2010 Source:SMM

SHANGHAI, May 24 (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 21st
1,895
-31.02
74,876
238,738
567,025

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 21st
15,245
15,060
1:6.8276

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 21st
15,500
15,345
15,050

Summary

Base metals prices advanced last Friday due to a weaker US dollar, and LME zinc prices fluctuated higher as well, with prices finally closing above the 5-day moving average at USD 1,895/mt. However, trading volumes declined sharply by nearly 10,000 lots, an indication of market doubt with regard to zinc price increases in the future. SMM predicts SHFE 1008 zinc contract prices will move between RMB 15,500-16,000/mt today, with special focus on the impact from domestic A-shares market on market sentiment and futures prices.     

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 - 2010/5/24 Zinc Market

SMM Insight 10:13:11AM May 24, 2010 Source:SMM

SHANGHAI, May 24 (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 21st
1,895
-31.02
74,876
238,738
567,025

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 21st
15,245
15,060
1:6.8276

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 21st
15,500
15,345
15,050

Summary

Base metals prices advanced last Friday due to a weaker US dollar, and LME zinc prices fluctuated higher as well, with prices finally closing above the 5-day moving average at USD 1,895/mt. However, trading volumes declined sharply by nearly 10,000 lots, an indication of market doubt with regard to zinc price increases in the future. SMM predicts SHFE 1008 zinc contract prices will move between RMB 15,500-16,000/mt today, with special focus on the impact from domestic A-shares market on market sentiment and futures prices.     

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