Metals News
SMM Morning Review - 2010/6/11 Zinc Market
smm insight
10:24AM
Source:SMM

SHANGHAI, June 11 (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 10th   
1,730
-31
80,713
253,669
617,425

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
June 10th
14,020
13,965
1:6.8281
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
June 10th    
14,170
14,220
13,950

Summary

The euro strengthened first but weakened later versus the US dollar, limiting the upward momentum in LME metals prices last night. LME zinc prices advanced to as high as USD 1,771/mt, with pressure reported at the 10-day moving average, and finally prices ended at USD 1,730/mt, down 1.42% compared with the previous trading day. Special attention should be paid to China's macro economic data in May set for release at 10:00 this morning, including producer price index (PPI), consumer price index (CPI), etc. Whether or not the growth rate of CPI remain below 3% will have direct effect on market speculation that China's Central Government will raise interest rates in advance, which will in turn affect futures market sentiment.           

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

 

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