SMM Morning Review - 2010/5/26 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/26 Zinc Market

SMM Insight 10:03:09AM May 26, 2010 Source:SMM

SHANGHAI, May 26 (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 25th
1,870
-30
77,564
244,106
617,325

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 25th
15,265
15,490
1:6.8279
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 25th
15,515
15,775
15,600

Summary

LME metals prices retreated on May 25th due to market concerns over Spain's debt paying ability. LME zinc prices closed at USD 1,870/mt, down 2.6%, with the 10-day moving average expected to be the resistance level in the short term. In addition, LME zinc inventories have surged for tow consecutive days by more than 50 kt, with total inventories already reaching 617 kt, which will to some extent weigh down zinc prices. SHFE zinc prices plunged from high levels yesterday, and SMM predicts zinc prices will continue to fluctuate today, with SHFE 1008 zinc contract prices expected to move between RMB 15,400-15,900/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:  zinc price   zinc Zn 

SMM Morning Review - 2010/5/26 Zinc Market

SMM Insight 10:03:09AM May 26, 2010 Source:SMM

SHANGHAI, May 26 (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 25th
1,870
-30
77,564
244,106
617,325

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 25th
15,265
15,490
1:6.8279
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 25th
15,515
15,775
15,600

Summary

LME metals prices retreated on May 25th due to market concerns over Spain's debt paying ability. LME zinc prices closed at USD 1,870/mt, down 2.6%, with the 10-day moving average expected to be the resistance level in the short term. In addition, LME zinc inventories have surged for tow consecutive days by more than 50 kt, with total inventories already reaching 617 kt, which will to some extent weigh down zinc prices. SHFE zinc prices plunged from high levels yesterday, and SMM predicts zinc prices will continue to fluctuate today, with SHFE 1008 zinc contract prices expected to move between RMB 15,400-15,900/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:  zinc price   zinc Zn