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SMM Morning Review - 2010/5/10 Zinc Market
SHANGHAI, May 10 (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 7th
|
2,095
|
-29
|
53,018
|
246,021
|
571,800
|
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 7th
|
16,375
|
16,445
|
18,182
|
1:6.8271
|
|
|
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 7th
|
16,655
|
16,800
|
18,833
|
16,475
|
Summary
The European leaders agreed on a loan package worth EUR 500 billion ($643 billion) to prevent Greece’s fiscal woes from triggering a broader sovereign debt crisis, and the euro rebounded against the US dollar as a result, and metals prices recovered last Friday in response. LME three-month zinc contract prices closed at USD 2,095/mt, with the highest prices reported at USD 2,145/mt and touching the 5-day moving average, and LME zinc prices are expected to regain some losses in the near term. SMM predicts SHFE three-month zinc contract prices will fluctuate above RMB 17,000/mt, with any price trends expected to ease.
To contact the writer on this report: monicagao@smm.cn
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