SMM Morning Review - 2010/6/17 Zinc Market-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Market commentary
  • Futures movement
  • Copper
  • Aluminium
  • Inventory data
  • Lead
  • Evening comments
  • Macroeconomics
  • MMi Iron Ore Port Index
  • Li-Ion Battery Cathode Material
  • Morning comments
  • Customs data
  • Silicon
  • Nickel

SMM Morning Review - 2010/6/17 Zinc Market

SMM Insight 09:42:06AM Jun 17, 2010 Source:SMM

SHANGHAI, June 17 (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 14th
1800
-31
55621
254811
617350
June 15th
1845
-33
98617
248585
616775
June 16th
1810
-33
57793
240333
617400

Summary

The Shanghai Futures Exchange (SHFE) was closed for three days due to the Chinese Dragon Boat Festival holiday, and the US dollar index fell from 88.0, to 86.0, helping push up metals prices. LME zinc prices moved on an upward track, with prices breaking through 10-day and 20-day moving averages. The annual rate of US housing starts in May declined, spurring market concerns over demand, and LME zinc prices received pressure around the 30-day moving average as a result, and finally closed at USD 1,810/mt, with the highest prices reported at USD 1,875/mt. SMM predicts SHFE zinc prices will track LME zinc price uptrend today, but with strong selling pressure expected above RMB 15,000/mt.          

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 

Price

more
#1 Refined Cu
Apr.19
49430.0
-170.0
(-0.34%)
Yangshan Copper Premium(Bill of Lading)
Apr.19
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.19
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

SMM Morning Review - 2010/6/17 Zinc Market

SMM Insight 09:42:06AM Jun 17, 2010 Source:SMM

SHANGHAI, June 17 (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 14th
1800
-31
55621
254811
617350
June 15th
1845
-33
98617
248585
616775
June 16th
1810
-33
57793
240333
617400

Summary

The Shanghai Futures Exchange (SHFE) was closed for three days due to the Chinese Dragon Boat Festival holiday, and the US dollar index fell from 88.0, to 86.0, helping push up metals prices. LME zinc prices moved on an upward track, with prices breaking through 10-day and 20-day moving averages. The annual rate of US housing starts in May declined, spurring market concerns over demand, and LME zinc prices received pressure around the 30-day moving average as a result, and finally closed at USD 1,810/mt, with the highest prices reported at USD 1,875/mt. SMM predicts SHFE zinc prices will track LME zinc price uptrend today, but with strong selling pressure expected above RMB 15,000/mt.          

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