Metals News
SMM Morning Review - 2010/5/28 Zinc Market
smm insight
10:00AM
May 28,2010
Source:SMM

SHANGHAI, May 28 (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 27th
1,941
-31
62,146
244,017
619,750

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 27th
15,560
15,345
1:6.8281
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 27th
16,035
15,805
15,300

Summary

The US Department of Labor announced on Thursday that the initial claims for jobless benefits declined to 460,000 in the week ended on May 22nd, while the jobless claims were revised to 474,000 a week earlier, which helped drive up the US stocks, and metals prices moved higher in response. LME three-month zinc contract prices closed at USD 1,935/mt on May 27th. SMM predicts spot zinc prices will climb to a range of RMB 15,400-15,500/mt today.        

To contact the writer on this report: monicagao@smm.cn

 

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