SMM Morning Review - 2010/6/23 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/23 Zinc Market

SMM Insight 10:39:57AM Jun 23, 2010 Source:SMM

SHANGHAI, June 23 (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 22nd   
1,795
-34.5
46,605
244,484
617,900

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
June 17th
14,060
14,300
1:6.8277
June 22nd   
14,700
14,625
1:6.7980
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
June 17th
14,295
14,420
14,225
June 22nd   
14,810
14,745
14,635

Summary

LME base metals prices were mixed last night. LME zinc prices closed at USD 1,795/mt, up USD 25/mt, with the highest level reported at USD 1,815/mt. The US National Association of Realtors (NAR) announced on Tuesday that the US existing home sales declined by 2.2% in May, and this lower-than-expected data spurred market concerns over demand, limiting any upward movements in LME zinc prices. SMM predicts SHFE 1009 zinc contract prices will continue to face pressure at the RMB 15,000/mt mark today amid strong selling sentiment at higher prices.         

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 - 2010/6/23 Zinc Market

SMM Insight 10:39:57AM Jun 23, 2010 Source:SMM

SHANGHAI, June 23 (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 22nd   
1,795
-34.5
46,605
244,484
617,900

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
June 17th
14,060
14,300
1:6.8277
June 22nd   
14,700
14,625
1:6.7980
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
June 17th
14,295
14,420
14,225
June 22nd   
14,810
14,745
14,635

Summary

LME base metals prices were mixed last night. LME zinc prices closed at USD 1,795/mt, up USD 25/mt, with the highest level reported at USD 1,815/mt. The US National Association of Realtors (NAR) announced on Tuesday that the US existing home sales declined by 2.2% in May, and this lower-than-expected data spurred market concerns over demand, limiting any upward movements in LME zinc prices. SMM predicts SHFE 1009 zinc contract prices will continue to face pressure at the RMB 15,000/mt mark today amid strong selling sentiment at higher prices.         

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