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SMM Morning Review - 2010/5/19 Zinc Market
SHANGHAI, May 19 (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 18th
|
1,910
|
-31
|
566,875
|
241,445
|
566,875
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
May 17th
|
15,665
|
15,735
|
17,654
|
1:6.8275
|
|
May 18th
|
15,380
|
15,180
|
15,183
|
1:6.8276
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
May 17th
|
15,970
|
16,165
|
18,713
|
15,700
|
|
May 18th
|
15,700
|
15,535
|
15,539
|
15,200
|
Summary
LME zinc prices regained some losses last night, with prices fluctuated higher from the USD 1,900/mt mark. LME zinc prices hit the highest level of USD 1,960/mt, and finally closed at USD 1,910/mt. However, zinc prices still moved at low levels recently, and will face great difficulty to climb further with the absence of clear market direction. The pessimism was stronger today in SHFE zinc market, and special attention should be paid to the support level of RMB 15,000/mt for SHFE 1008 zinc contract prices, as well as the impact on zinc prices from spot markets.
To contact the writer on this report: monicagao@smm.cn
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