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SMM Morning Review - 2010/5/14 Zinc Market
SHANGHAI, May 14 (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 13th
|
2,160
|
-31
|
69,447
|
246,972
|
570,350
|
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 13th
|
16,590
|
16,435
|
17,779
|
1:6.8272
|
|
|
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 13th
|
16,930
|
16,770
|
18,734
|
16,400
|
Summary
The US dollar continued to strengthen last night, but the growing investor confidence in economic recovery and steady declines in LME metal inventories helped LME zinc prices to jump above the 10-day moving average following rising LME copper prices, with prices finally ending at USD 2,160/mt, and the low-end of zinc price range is expected to climb. SMM predicts SHFE three-month zinc contract prices will fluctuate higher slightly today, with special focus on the support from spot markets for SHFE zinc prices.
To contact the writer on this report: monicagao@smm.cn
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