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SMM Morning Review - 2010/3/17 Zinc Market
SHANGHAI, Mar. 17 (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. 16th
|
2,310
|
-30
|
74,122
|
225,029
|
539,700
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Mar. 15th
|
17,960
|
17,970
|
18,224
|
1:6.8261
|
|
Mar. 16th
|
18,280
|
18,095
|
18,097
|
1:6.8263
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Mar. 15th
|
18,315
|
18,420
|
18,247
|
17,950
|
|
Mar. 16th
|
18,655
|
18,460
|
18,461
|
17,950
|
Summary
The Federal Reserve announced to maintain federal funds rate at near zero on Tuesday, and reaffirmed that it will keep the interest rate low for an "extended period", and said the recovering momentum for economy increased, and employment recovered as well, and all those news helped boost market confidence in economic recovery, and the US dollar weakened as a result. Standard & Poor's on Tuesday said it was maintaining Greece's BBB+/A-2 sovereign credit ratings, helping stimulate the Euro to advance and depress the US dollar, which in turn pushed up commodity prices. LME zinc prices closed at USD 2,310/mt last night, up USD 35/mt. SMM predicts SHFE zinc prices will advance further today, with SHFE three-month zinc contract prices expected to move in the RMB 18,400-18,900/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.
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