SMM Morning Review - 2010/6/9 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/9 Zinc Market

SMM Insight 10:09:24AM Jun 09, 2010 Source:SMM

SHANGHAI, June 9 (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 8th  
1,715
-31
77,734
253,483
616,100

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
June 8th
13,590
13,335
1:6.8284
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
June 8th   
13,810
13,625
13,400

Summary

The rebounding euro drove up market buying, and LME zinc prices increased by 6.6% to the 5-day moving average yesterday, with LME three-month zinc contract prices finally closing at USD 1,715/mt. Positions increased by more than 4,000 lots to 253,500 lots. SMM predicts LME zinc prices will continue to struggle at the 5-day moving average in the near term. SHFE zinc prices will move higher following LME zinc price trends today, with SHFE 1009 zinc contract prices expected to regain previous losses recorded on Monday.        

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 - 2010/6/9 Zinc Market

SMM Insight 10:09:24AM Jun 09, 2010 Source:SMM

SHANGHAI, June 9 (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 8th  
1,715
-31
77,734
253,483
616,100

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
June 8th
13,590
13,335
1:6.8284
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
June 8th   
13,810
13,625
13,400

Summary

The rebounding euro drove up market buying, and LME zinc prices increased by 6.6% to the 5-day moving average yesterday, with LME three-month zinc contract prices finally closing at USD 1,715/mt. Positions increased by more than 4,000 lots to 253,500 lots. SMM predicts LME zinc prices will continue to struggle at the 5-day moving average in the near term. SHFE zinc prices will move higher following LME zinc price trends today, with SHFE 1009 zinc contract prices expected to regain previous losses recorded on Monday.        

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