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SMM Morning Review - 2010/3/29 Zinc Market
SHANGHAI, Mar. 29 (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. 26th
|
2,235
|
-32
|
41,910
|
221,357
|
542,325
|
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. 26th
|
18,235
|
18,155
|
18,283
|
1:6.8268
|
|
|
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. 26th
|
18,610
|
18,510
|
18,617
|
17,900
|
Summary
The European leaders reached an agreement on a rescue package for debt-laden Greece, and the Euro advanced against the US dollar as a result, and metals prices also climbed in response. LME zinc prices fluctuated, and closed at USD 2,235/mt, but showed passive performance in the USD 2,200-2,300/mt range recently. Transactions were brisk when spot zinc prices fell below RMB 18,000/mt, helping support zinc prices. SHFE 1006 zinc contract prices are expected to continue to move in the RMB 18,600-19,000/mt range today.
To contact the writer on this report: monicagao@smm.cn
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