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SMM Morning Review - 2010/2/11 Zinc Market
SHANGHAI, Feb. 11 (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. 10th
|
2,125
|
-12
|
65,401
|
216,405
|
500,125
|
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. 10th
|
17,425
|
17,380
|
19,580
|
1:6.8271
|
|
|
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. 10th
|
17,685
|
17,645
|
20,148
|
17,250
|
Summary
A series of economic data in Euro zone released last night were neutral, and market sentiment stabilized as well. LME zinc prices stood firm above USD 2,100/mt, and closed at USD 2,125/mt. However, market players remained sensitive, and still adopted a cautious attitude toward the debt crisis in the Europe and other risk events.
Overall market sentiment was lukewarm in China, as the Chinese New Year holiday nears, and most enterprises have shut down for holiday. SMM predicts SHFE three-month contract zinc prices will fluctuate narrowly in the RMB 17,600-17,900/mt range today.
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.
For queries, please contact Lemon Zhao at lemonzhao@smm.cn
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