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SMM Morning Review - 2010/3/3 Zinc Market
SHANGHAI, Mar. 3 (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. 2nd
|
2,255
|
-25
|
46,579
|
220,030
|
541,200
|
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. 2nd
|
17,650
|
17,925
|
18,138
|
1:6.8268
|
|
|
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. 2nd
|
17,905
|
18,275
|
18,214
|
17,850
|
Summary
Since the credit crisis in Greece is expected to ease, and the US dollar slipped, and LME zinc prices regained lost ground in response, with prices finally closing at USD 2,255/mt. LME zinc prices soared to the highest level of USD 2,270/mt, and both trading volumes and positions increased significantly supported by buyers, and positions reached 220,000 lots, up more than 10,000 lots compared with the previous trading day. At present, the impact from the Chile earthquake on copper supply remains uncertain, so there is still possibility metals prices will fluctuate widely. Special attention should be paid to the Chinese People's Political Consultative Conference (CPPCC) today, and SMM predicts SHFE three-month zinc contract prices will move in the RMB 18,100-18,600/mt range.
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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