SMM Morning Review - 2010/6/7 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/7 Zinc Market

SMM Insight 10:20:21AM Jun 07, 2010 Source:SMM

SHANGHAI, June 7 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
May Average
1,996
-31
75,192
242,444
579,930
June 4th  
1,655
-31
73,137
248,376
617,350

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
June 4th
14,210
14,310
1:6.8281
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
June 4th  
14,470
14,635
14,350

Summary

The weaker-than-expected employment data in the US announced last Friday directly pushed up the US dollar index, and LME metals prices slumped as a result of a stronger US dollar index and a weaker euro. LME zinc prices experienced the largest declines of 5.16% among all base metals, and LME three-month zinc contract prices finally closed at USD 1,655/mt. SMM predicts LME zinc prices will remain weak in the near term after breaking through the previous low, and SHFE zinc prices will unlikely find support at RMB 14,000/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 - 2010/6/7 Zinc Market

SMM Insight 10:20:21AM Jun 07, 2010 Source:SMM

SHANGHAI, June 7 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
May Average
1,996
-31
75,192
242,444
579,930
June 4th  
1,655
-31
73,137
248,376
617,350

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
June 4th
14,210
14,310
1:6.8281
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
June 4th  
14,470
14,635
14,350

Summary

The weaker-than-expected employment data in the US announced last Friday directly pushed up the US dollar index, and LME metals prices slumped as a result of a stronger US dollar index and a weaker euro. LME zinc prices experienced the largest declines of 5.16% among all base metals, and LME three-month zinc contract prices finally closed at USD 1,655/mt. SMM predicts LME zinc prices will remain weak in the near term after breaking through the previous low, and SHFE zinc prices will unlikely find support at RMB 14,000/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