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SMM Morning Review - 2010/3/10 Zinc Market
SHANGHAI, Mar. 10 (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. 9th
|
2,360
|
-29
|
71,266
|
229,976
|
539,925
|
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. 9th
|
18,550
|
18,510
|
18,137
|
1:6.8265
|
|
|
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. 9th
|
18,915
|
18,895
|
18,231
|
18,250
|
Summary
The US dollar strengthened, weighing down metals prices, but LME zinc prices moved in a narrow band, with prices finally closing at USD 2,360/mt. Zinc prices have a strong negative correlation with the US dollar index recently, and special attention should be paid to the impact on copper prices from the preliminary import and export data in February which will be released today, and zinc prices are expected to track copper price trends. SMM predicts SHFE 1006 zinc contract prices will fluctuate around RMB 19,000/mt today, with upward movements expected to be limited.
To contact the writer on this report: monicagao@smm.cn
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None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn
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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