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SMM Morning Review - 2010/3/2 Zinc Market
SHANGHAI, Mar. 2 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
Feb. Average
|
2,179
|
-16
|
57,796
|
214,806
|
516,444
|
|
Mar. 1st
|
2,230
|
-25
|
41,790
|
221,345
|
541,375
|
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
|
|
Mar. 1st
|
18,320
|
18,300
|
18,149
|
1:6.8267
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Feb. 12th
|
18,345
|
18,320
|
17,912
|
17,900
|
|
Mar. 1st
|
18,610
|
18,685
|
18,213
|
18,175
|
Summary
The Chile earthquake triggered investor concerns over copper and copper ore supply, and metals prices generally closed up on the LME market as a result. LME zinc prices jumped to USD 2,260/mt after opening high. However, the Institute for Supply Management (ISM) announced that the manufacturing index in February was 56.5, with the estimated level of 57.5, while the manufacturing index was 58.4 in January. The sluggish manufacturing data helped raise the US dollar index. In other news, mines and ports were not damaged in Chile earthquake, and have resumed operations, but supply of electric power was unstable, helping limit the increases in market supply in the next few days. In this context, LME zinc prices lost previous gains, with prices finally closing at USD 2,230/mt. SMM predicts SHFE 1006 zinc contract prices will move in the RMB 18,400-18,800/mt range today.
To contact the writer on this report: monicagao@smm.cn
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