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SMM Morning Review - 2010/5/12 Zinc Market
SHANGHAI, May 12 (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 11th
|
2,070
|
-32
|
68,420
|
242,041
|
571,025
|
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 11th
|
16,230
|
16,465
|
17,989
|
1:6.8270
|
|
|
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 11th
|
16,550
|
16,825
|
18,772
|
16,450
|
Summary
Market concerns over the emergency aid package worth USD 1 trillion for Greece were growing, and the stronger-than-expected inflation data in China also generated market worries that China will raise interest rate in advance. As a result, LME base metals prices closed with decline on May 11th, and LME three-month zinc contract prices fell below USD 2,100/mt, with prices ending at USD 2,070/mt. Both trading volumes and positions experienced declines, an indication of investor pessimism regarding market outlook. As current market sentiment is weak, and domestic A-shares market remains sluggish as well, SMM predicts SHFE 1008 zinc contract prices will move above RMB 16,500/mt weakly today.
To contact the writer on this report: monicagao@smm.cn
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