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SMM Morning Review - 2010/4/2 Zinc Market
SHANGHAI, Apr. 2 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
Mar. Average
|
2,303
|
-29
|
59,027
|
222,256
|
540,753
|
|
Apr. 1st
|
2,403
|
-30
|
63,960
|
220,321
|
542,100
|
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
|
|
Apr. 1st
|
18,900
|
18,805
|
18,403
|
1:6.8261
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Mar. 15th
|
18,315
|
18,420
|
18,247
|
17,950
|
|
Apr. 1st
|
19,245
|
19,175
|
18,650
|
18,350
|
Summary
Metal prices continued to advance on April 1st, and LME zinc prices hit as high as USD 2,435/mt, touching a record high since January 21st, 2010, but later pared previous gains before closing, with prices finally ending at USD 2,403/mt. LME zinc prices have closed up for six consecutive days, which will help improve purchasing interest. LME market was closed for Good Friday holiday on April 2nd, and special attention should be paid to the US non-farm employment data in March to be released tonight. SMM predicts SHFE zinc prices will move at high levels today, with SHFE 1007 zinc contract prices expected to consolidate in the RMB 19,300-19,800/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.
For queries, please contact Lemon Zhao at lemonzhao@smm.cn
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