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SMM Morning Review - 2010/2/8 Zinc Market
SHANGHAI, Feb. 8 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
Jan. Average
|
2,445
|
-26
|
57,463
|
222,379
|
490,804
|
|
Feb. 5th
|
1,949
|
-16
|
60,941
|
208,763
|
499,800
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Jan. 18th
|
20,190
|
20,065
|
20,069
|
1:6.8272
|
|
Feb. 5th
|
16,720
|
16,615
|
18,588
|
1:6.8272
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Jan. 18th
|
20,550
|
20,415
|
20,415
|
19,955
|
|
Feb. 5th
|
16,980
|
16,940
|
20,090
|
16,650
|
Summary
LME zinc prices plunged at closing, with prices falling below USD 2,000/mt, and both trading volumes and positions rose slightly. The Euro dropped to a 5-month low against the US dollar, since the costs to insure the debt in Greece, Spain, and Portugal have hit a record high, generating market concerns over the debt conditions in these countries. In addition, the European Central Bank President Jean-Claude Trichet remarks on Thursday caused commodity and stock markets to accelerate the declines, since his remarks raised market concerns over credit ratings of some countries in Euro zone. SHFE zinc prices are expected to move at low levels amid weak trends of LME zinc prices, and special attention should be paid to whether or not SHFE three-month contract zinc prices stand firm at RMB 17,000/mt.
To contact the writer on this report: monicagao@smm.cn
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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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