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SMM Morning Review - 2010/3/31 Zinc Market
SHANGHAI, Mar. 31 (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. 30th
|
2,370
|
-32.5
|
61,996
|
221,528
|
542,250
|
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. 30th
|
18,490
|
18,540
|
18,330
|
1:6.8264
|
|
|
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. 30th
|
18,910
|
18,910
|
18,636
|
18,150
|
Summary
The US consumer confidence rebounded, pushing up the US dollar, but LME copper prices advanced strongly, breaking through a record high level of USD 7,800/mt since August 2008, and other metals prices reported only limited declines or experienced slight growth as a result. LME zinc prices increased by USD 30/mt following LME copper price trends, and fluctuated at high levels, but showed passive performance. SHFE zinc prices will still lack upward momentum negatively affected by sluggish spot market today, and SMM predicts SHFE 1007 zinc contract prices will move between RMB 19,000-19,400/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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