SMM Morning Review - 2011/3/9 Zinc Market-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Air pollution
  • Market commentary
  • Production data
  • Macroeconomics
  • Zinc
  • Morning comments
  • Futures movement
  • Aluminium
  • NPI
  • Copper
  • Nickel
  • Nickel ore
  • In the United States
  • trade negotiations

SMM Morning Review - 2011/3/9 Zinc Market

SMM Insight 09:19:56AM Mar 09, 2011 Source:SMM

SHANGHAI, Mar. 9 (SMM)--Since the market was gradually absorbing chaos in the Middle East, crude oil prices were down USD 42/bbl to close at USD 105.2/bbl, and the US stocks pared some losses to close with gains. The Dow Jones Industrial Average rose 124.35 to close at 12214.38, and the Nasdaq Composite Index was up 20.14 to close at 2,765.77. In this context, LME zinc prices closed at USD 2,395/mt, up USD 25/mt. But since LME zinc inventories continued to grow recent days, with inventories in New Orleans growing by 6,300 mt the day before yesterday, and inventories in Johore growing by 9,025 mt to 734,550 mt, which was the highest level since September 2004, LME zinc prices met resistance to rebound. Transactions overnight improved. Trading volumes increased by 6,000 lots to 50,008 lots, and total positions increased by 1,831 lots to 241,750 lots. SHFE three-month zinc contract prices are expected to struggle at RMB 18,000/mt level.

 

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


 

SMM Morning Review - 2011/3/9 Zinc Market

SMM Insight 09:19:56AM Mar 09, 2011 Source:SMM

SHANGHAI, Mar. 9 (SMM)--Since the market was gradually absorbing chaos in the Middle East, crude oil prices were down USD 42/bbl to close at USD 105.2/bbl, and the US stocks pared some losses to close with gains. The Dow Jones Industrial Average rose 124.35 to close at 12214.38, and the Nasdaq Composite Index was up 20.14 to close at 2,765.77. In this context, LME zinc prices closed at USD 2,395/mt, up USD 25/mt. But since LME zinc inventories continued to grow recent days, with inventories in New Orleans growing by 6,300 mt the day before yesterday, and inventories in Johore growing by 9,025 mt to 734,550 mt, which was the highest level since September 2004, LME zinc prices met resistance to rebound. Transactions overnight improved. Trading volumes increased by 6,000 lots to 50,008 lots, and total positions increased by 1,831 lots to 241,750 lots. SHFE three-month zinc contract prices are expected to struggle at RMB 18,000/mt level.

 

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