SMM Morning Review - 2010/6/28 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/28 Zinc Market

SMM Insight 10:03:52AM Jun 28, 2010 Source:SMM

SHANGHAI, June 28 (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 25th   
1,875
-31
42,659
245,499
616,500

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
June 17th
14,060
14,300
1:6.8277
June 25th   
14,900
14,970
1:6.7896
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
June 17th
14,295
14,420
14,225
June 25th  
15,010
15,135
15,025

Summary

The euro strengthened versus the US dollar last Friday, allowing LME zinc prices to regain most of previous losses, and LME zinc prices finally closed at USD 1,875/mt, down USD 5/mt. Trading volumes declined, an indication of stronger wait-and-see sentiment and an unclear market direction, as market players were waiting for the impact from G-20 summit on market confidence. SMM predicts SHFE 1009 zinc contract prices will face pressure at the 30-day moving average today.        

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 - 2010/6/28 Zinc Market

SMM Insight 10:03:52AM Jun 28, 2010 Source:SMM

SHANGHAI, June 28 (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 25th   
1,875
-31
42,659
245,499
616,500

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
June 17th
14,060
14,300
1:6.8277
June 25th   
14,900
14,970
1:6.7896
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
June 17th
14,295
14,420
14,225
June 25th  
15,010
15,135
15,025

Summary

The euro strengthened versus the US dollar last Friday, allowing LME zinc prices to regain most of previous losses, and LME zinc prices finally closed at USD 1,875/mt, down USD 5/mt. Trading volumes declined, an indication of stronger wait-and-see sentiment and an unclear market direction, as market players were waiting for the impact from G-20 summit on market confidence. SMM predicts SHFE 1009 zinc contract prices will face pressure at the 30-day moving average today.        

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