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SMM Morning Review - 2009/12/7 Zinc Market
SHANGHAI, Dec. 7 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot - 3 mth
|
||||
|
November Average
|
2,235
|
-27
|
51,978
|
243,077
|
438,267
|
|
Dec. 4th
|
2,375
|
-32
|
77,082
|
232,174
|
458,775
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Nov. 16th
|
16,900
|
16,995
|
16,387
|
1:6.8272
|
|
Dec. 4th
|
18,270
|
18,205
|
17,688
|
1:6.8272
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Nov. 16th
|
17,285
|
17,395
|
16,755
|
16,850
|
|
Dec. 4th
|
18,525
|
18,465
|
18,032
|
18,115
|
Summary
Last Friday, Shanghai #0 zinc was traded at RMB 18,100-18,130/mt, and #1 zinc was traded at RMB 18,080/mt. Spot discounts against SHFE zinc three-month contract narrowed to RMB 650/mt, and market supply increased significantly, but downstream buying interest was low, resulting in general trading sentiment.
As to futures market, SHFE zinc prices slipped slightly, with great pressure from sell-off activities in the morning. SHFE zinc 1003 contract closed at RMB 18,740/mt, with positions down 1,956 lots to 137,392 lots.
The US Labor Department released on Friday that the US non-farm employment in November decreased by 11,000, the smallest decline since the beginning of economic recession in December 2007, with the expected level of a decrease of 130,000. Meanwhile, the non-farm employment in October was revised to a decrease of 111,000 from a decrease of 190,000. The positive news lent support to market optimism that the US economy will recover rapidly. However, the US dollar index moved up strongly, exerting downward pressure on metals prices, and LME zinc prices received support at the new high during October and November of USD 2,365/mt. SMM predicts SHFE three-month contract zinc prices will fluctuate in the RMB 18,500-18,800/mt range today.
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