SMM Morning Review - 2010/5/27 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/27 Zinc Market

SMM Insight 10:36:08AM May 27, 2010 Source:SMM

SHANGHAI, May 27 (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 26th
1,900
-31
83,692
240,574
620,475

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 26th
15,490
15,500
1:6.8280
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 26th
15,935
15,910
15,475

Summary

The US Department of Commerce announced on Wednesday that the US new home sales in April rose by 14.8% to an annual rate of 504,000 units from March levels, setting a record high since May 2008, higher than previous prediction of a 430,000 rate. Although the positive new home sales in the US indicate the US economy is recovering, investors are still worrying about the Euro zone economy, and LME metals prices were mixed as a result. LME three-month zinc contract prices advanced to USD 1,900/mt, with pressure reported at the 10-day moving average. SHFE 1009 zinc contract became the dominant one yesterday, with short positions growing sharply. SMM predicts spot zinc prices will move around RMB 15,300/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:  zinc price  zinc Zn 

SMM Morning Review - 2010/5/27 Zinc Market

SMM Insight 10:36:08AM May 27, 2010 Source:SMM

SHANGHAI, May 27 (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 26th
1,900
-31
83,692
240,574
620,475

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 26th
15,490
15,500
1:6.8280
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 26th
15,935
15,910
15,475

Summary

The US Department of Commerce announced on Wednesday that the US new home sales in April rose by 14.8% to an annual rate of 504,000 units from March levels, setting a record high since May 2008, higher than previous prediction of a 430,000 rate. Although the positive new home sales in the US indicate the US economy is recovering, investors are still worrying about the Euro zone economy, and LME metals prices were mixed as a result. LME three-month zinc contract prices advanced to USD 1,900/mt, with pressure reported at the 10-day moving average. SHFE 1009 zinc contract became the dominant one yesterday, with short positions growing sharply. SMM predicts spot zinc prices will move around RMB 15,300/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:  zinc price  zinc Zn