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SMM Morning Review - 2010/3/1 Zinc Market
SHANGHAI, Mar. 1 (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. 26th
|
2,195
|
-23
|
52,884
|
222,518
|
541,950
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Feb. 12th
|
18,060
|
17,995
|
17,648
|
1:6.8269
|
|
Feb. 26th
|
17,945
|
17,950
|
18,056
|
1:6.8269
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Feb. 12th
|
18,345
|
18,320
|
17,912
|
17,900
|
|
Feb. 26th
|
18,290
|
18,300
|
18,198
|
17,900
|
Summary
Bloomberg reported Germany may decide to buy Greek government bonds through state-owned bank KfW, and the Euro advanced against the US dollar, and metals prices climbed as a result. LME zinc prices soared to USD 2,200/mt last Friday. A magnitude-8.8 earthquake erupted in Chile, and although any actual effect on copper prices remains unknown, the short-term speculations are expected to drive up copper prices. SMM predicts LME zinc prices will move higher, and SHFE three-month zinc contract prices will climb to above RMB 19,000/mt 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.
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