SMM Morning Review - 2010/6/1 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/1 Zinc Market

SMM Insight 09:58:18AM Jun 01, 2010 Source:SMM

SHANGHAI, June 1 (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 31st   
Closed (Spring Bank Holiday in the UK)

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 31st
15,670
15,650
1:6.8280
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 31st  
16,050
16,125
15,675

Summary

LME market was closed for Spring Bank Holiday on Monday. The US dollar index still moved around 86.65, and is expected to remain strong in the near term amid weak euro. The European sovereign debt crisis will prompt the US Federal Reserve to delay raising interest rates, which will help support the European stocks. SMM predicts LME zinc prices will fluctuate around USD 1,900/mt, and SHFE three-month zinc contract prices will struggle between 5-day and 10-day moving averages 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 - 2010/6/1 Zinc Market

SMM Insight 09:58:18AM Jun 01, 2010 Source:SMM

SHANGHAI, June 1 (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 31st   
Closed (Spring Bank Holiday in the UK)

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
May 31st
15,670
15,650
1:6.8280
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
May 31st  
16,050
16,125
15,675

Summary

LME market was closed for Spring Bank Holiday on Monday. The US dollar index still moved around 86.65, and is expected to remain strong in the near term amid weak euro. The European sovereign debt crisis will prompt the US Federal Reserve to delay raising interest rates, which will help support the European stocks. SMM predicts LME zinc prices will fluctuate around USD 1,900/mt, and SHFE three-month zinc contract prices will struggle between 5-day and 10-day moving averages 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