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SMM Morning Review - 2010/5/5 Zinc Market
SHANGHAI, May 5 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
Apr. Average
|
2,404
|
-33
|
68,089
|
238,375
|
545,240
|
|
May 4th
|
2,135
|
-34
|
80,451
|
242,954
|
559,475
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Apr. 15th
|
18,785
|
18,820
|
18,575
|
1:6.8260
|
|
May 4th
|
17,700
|
17,765
|
18,445
|
1:6.8265
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Apr. 15th
|
19,225
|
19,280
|
18,677
|
18,600
|
|
May 4th
|
18,060
|
18,100
|
18,941
|
17,700
|
Summary
China's central bank tightened monetary policy, and market players were still concerned that China's property bubbles were spreading, helping increase risk aversion, and the US dollar index surged to 83.5 last night as a result, and base metals prices plunged in response. On May 4th, LME nickel and copper prices fell by more than 7%, while LME zinc prices declined by 6.9% to a three-month low of USD 2,135/mt. SMM predicts SHFE zinc prices will continue to fall today given falling LME zinc prices, but SHFE 1008 zinc contract prices will get support from purchases between RMB 17,500-17,600/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.
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