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SMM Morning Review - 2010/5/18 Zinc Market
SHANGHAI, May 18 (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 17th
|
1,870
|
-31
|
81,610
|
241,445
|
568,250
|
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 17th
|
15,665
|
15,735
|
17,654
|
1:6.8275
|
|
|
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 17th
|
15,970
|
16,165
|
18,713
|
15,700
|
Summary
Investors still lacked confidence in the economy in Euro zone, and the US stocks and commodity prices declined as a result. LME zinc prices slumped by 8.3% on May 17th, with prices falling below USD 2,000/mt last night. LME zinc prices hit a record low of USD 1,845/mt since October 2009, with prices finally closing at USD 1,870/mt, with high sentiment of withdrawal of speculative funds from the market. In this context, SMM predicts SHFE zinc prices will show relatively sluggish performance today, and SHFE 1008 zinc contract prices will test the support level of RMB 15,500/mt, with special focus on the performance of domestic A-shares market.
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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