SMM Morning Review - 2010/6/18 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/18 Zinc Market

SMM Insight 10:22:26AM Jun 18, 2010 Source:SMM

SHANGHAI, June 18 (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 17th    
1,760
-33
57,793
241,889
617,175

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
June 17th
14,060
14,300
1:6.8277
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
June 17th   
14,295
14,420
14,225

Summary

Economic data released last night was weaker than expected. The US Department of Labor announced on Thursday that the number of initial claims for unemployment benefits rose to 472,000 in the week ended on June 12th, higher than the expected 450,000. The US housing starts in May were 593,000 units, lower than the expected 650,000 units, hitting a five-month low, spurring market concerns over demand, and metals prices moved lower in response. LME zinc prices closed at USD 1,760/mt, down USD 50/mt, with the lowest prices reported at USD 1,745/mt. LME zinc prices got the support at the 10-day moving average, but recent changes in the US dollar trends will continue to weigh on metals prices. SHFE zinc prices were weaker yesterday, and SMM predicts SHFE zinc prices will remain weak today, with SHFE 1009 zinc contract prices expected to struggle at the 5-day moving average.            

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 - 2010/6/18 Zinc Market

SMM Insight 10:22:26AM Jun 18, 2010 Source:SMM

SHANGHAI, June 18 (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 17th    
1,760
-33
57,793
241,889
617,175

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
June 17th
14,060
14,300
1:6.8277
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
June 17th   
14,295
14,420
14,225

Summary

Economic data released last night was weaker than expected. The US Department of Labor announced on Thursday that the number of initial claims for unemployment benefits rose to 472,000 in the week ended on June 12th, higher than the expected 450,000. The US housing starts in May were 593,000 units, lower than the expected 650,000 units, hitting a five-month low, spurring market concerns over demand, and metals prices moved lower in response. LME zinc prices closed at USD 1,760/mt, down USD 50/mt, with the lowest prices reported at USD 1,745/mt. LME zinc prices got the support at the 10-day moving average, but recent changes in the US dollar trends will continue to weigh on metals prices. SHFE zinc prices were weaker yesterday, and SMM predicts SHFE zinc prices will remain weak today, with SHFE 1009 zinc contract prices expected to struggle at the 5-day moving average.            

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