SMM Morning Review – 2012/5/2 Zinc Market-Shanghai Metals Market

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SMM Morning Review – 2012/5/2 Zinc Market

SMM Insight 09:21:35AM May 02, 2012 Source:SMM

Shanghai, May 2 (SMM) – News was mixed during the Chinese May Day holiday. The CFLP's China manufacturing PMI rose in April to a 13-month high. The US April ISM manufacturing index was 54.8, better than market estimations, but construction spending rose 0.1% in March, softer than the expected 0.5% increase. During the holiday period, the US dollar index slid to 79, helping LME zinc prices rise, briefly reaching USD 2,073.8/mt. Finally, LME zinc prices closed at USD 2,057/mt, down USD 1/mt from a day earlier, but much higher than the pre-holiday price.

 

During the Chinese May Day holiday, LME zinc market moved higher and stood at the 5-day moving averages. In the SHFE zinc market, the most actively-traded contract is expected to open slightly higher after the holiday, with prices between RMB 15,550-15,850/mt. Spot discounts may expand to RMB 180-280/mt.

Price

more
62% Fe Fines (Qingdao Port): IOPI62
Oct.21
705.0
0.0
(0.00%)
62% Fe Fines (Qingdao Port, CFR Equiv.)
Oct.21
92.1
0.0
(0.02%)
58% Fe Fines (Qingdao Port): IOPI58
Oct.21
624.0
0.0
(0.00%)
58% Fe Fines (Qingdao Port, CFR Equiv.)
Oct.21
82.0
0.0
(0.01%)
65% Fe Fines (Qingdao Port): IOPI65
Oct.21
745.0
0.0
(0.00%)

SMM Morning Review – 2012/5/2 Zinc Market

SMM Insight 09:21:35AM May 02, 2012 Source:SMM

Shanghai, May 2 (SMM) – News was mixed during the Chinese May Day holiday. The CFLP's China manufacturing PMI rose in April to a 13-month high. The US April ISM manufacturing index was 54.8, better than market estimations, but construction spending rose 0.1% in March, softer than the expected 0.5% increase. During the holiday period, the US dollar index slid to 79, helping LME zinc prices rise, briefly reaching USD 2,073.8/mt. Finally, LME zinc prices closed at USD 2,057/mt, down USD 1/mt from a day earlier, but much higher than the pre-holiday price.

 

During the Chinese May Day holiday, LME zinc market moved higher and stood at the 5-day moving averages. In the SHFE zinc market, the most actively-traded contract is expected to open slightly higher after the holiday, with prices between RMB 15,550-15,850/mt. Spot discounts may expand to RMB 180-280/mt.