SMM Morning Review - 2010/6/22 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/22 Zinc Market

SMM Insight 10:35:01AM Jun 22, 2010 Source:SMM

SHANGHAI, June 22 (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 21st   
1,770
-34
48,611
243,407
617,925

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
June 17th
14,060
14,300
1:6.8277
June 21st   
14,750
14,435
1:6.8275
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
June 17th
14,295
14,420
14,225
June 21st  
14,845
14,450
14,450

Summary

China's currency move boosted base metals prices during the Asian trading hours yesterday, but metals prices later lost some previous gains due to strengthening US dollar. LME zinc prices finally closed at USD 1,770/mt, with the highest prices reported at USD 1,820/mt. LME zinc prices are under the stronger pressure of moving higher, with special focus on the positive impact on LME zinc prices from other base metals prices trends. SHFE zinc prices climbed to the daily price limits yesterday noon, but settlement prices were relatively low. SMM predicts any upward movements in SHFE zinc prices will be stronger today, with SHFE 1009 zinc contract prices expected to advance to test the RMB 15,000/mt mark.         

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 - 2010/6/22 Zinc Market

SMM Insight 10:35:01AM Jun 22, 2010 Source:SMM

SHANGHAI, June 22 (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 21st   
1,770
-34
48,611
243,407
617,925

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
June 17th
14,060
14,300
1:6.8277
June 21st   
14,750
14,435
1:6.8275
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
June 17th
14,295
14,420
14,225
June 21st  
14,845
14,450
14,450

Summary

China's currency move boosted base metals prices during the Asian trading hours yesterday, but metals prices later lost some previous gains due to strengthening US dollar. LME zinc prices finally closed at USD 1,770/mt, with the highest prices reported at USD 1,820/mt. LME zinc prices are under the stronger pressure of moving higher, with special focus on the positive impact on LME zinc prices from other base metals prices trends. SHFE zinc prices climbed to the daily price limits yesterday noon, but settlement prices were relatively low. SMM predicts any upward movements in SHFE zinc prices will be stronger today, with SHFE 1009 zinc contract prices expected to advance to test the RMB 15,000/mt mark.         

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