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SMM Morning Review - 2010/3/18 Zinc Market
SHANGHAI, Mar. 18 (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. 17th
|
2,350
|
-30
|
39,508
|
215,375
|
540,400
|
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. 17th
|
18,600
|
18,530
|
18,266
|
1:6.8262
|
|
|
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. 17th
|
18,995
|
18,840
|
18,617
|
18,200
|
Summary
The US Department of Labor announced on Wednesday that producer price index (PPI) in February fell by 0.6% on a monthly basis, setting a record decline since July 2009, while the previous estimation was a decline of 0.2% in PPI, an indication of relatively low pressure on price. In addition, the US Federal Reserve announced to keep the federal funds rate at historical low level of zero to 0.25% for "an extended period", increasing the optimistic speculation by market investors. Positions of LME zinc declined significantly by nearly 10,000 lots on March 17th, and the withdrawal of short positions helped push up zinc prices, and LME zinc prices finally closed at USD 2,350/mt, up USD 40/mt. SMM predicts SHFE zinc prices will fluctuate in the RMB 18,600-19,200/mt range today, with greater pressure around the previous high level of RMB 19,400/mt.
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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