SMM Morning Review - 2010/6/21 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/21 Zinc Market

SMM Insight 11:19:39AM Jun 21, 2010 Source:SMM

SHANGHAI, June 21 (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 18th  
1,740
-33
48,601
244,116
618,025

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
June 17th
14,060
14,300
1:6.8277
June 18th  
13,960
14,050
1:6.8275
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
June 17th
14,295
14,420
14,225
June 18th  
14,055
14,140
14,100

Summary

Market concerns over the approach of seasonal low demand period were growing, and LME metals prices continued to move in a narrow band. LME zinc prices closed at USD 1,740/mt last Friday, down USD 20/mt, with struggles between long and short positions remaining intense at the 10-day moving average, and SMM predicts LME zinc prices will continue to fluctuate between USD 1,700-1,750/mt in the near term. SHFE three-month zinc contract prices struggled between the 5-day and 10-day moving averages, and are expected to continue to struggle around RMB 14,200/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 

SMM Morning Review - 2010/6/21 Zinc Market

SMM Insight 11:19:39AM Jun 21, 2010 Source:SMM

SHANGHAI, June 21 (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 18th  
1,740
-33
48,601
244,116
618,025

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
June 17th
14,060
14,300
1:6.8277
June 18th  
13,960
14,050
1:6.8275
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
June 17th
14,295
14,420
14,225
June 18th  
14,055
14,140
14,100

Summary

Market concerns over the approach of seasonal low demand period were growing, and LME metals prices continued to move in a narrow band. LME zinc prices closed at USD 1,740/mt last Friday, down USD 20/mt, with struggles between long and short positions remaining intense at the 10-day moving average, and SMM predicts LME zinc prices will continue to fluctuate between USD 1,700-1,750/mt in the near term. SHFE three-month zinc contract prices struggled between the 5-day and 10-day moving averages, and are expected to continue to struggle around RMB 14,200/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