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SMM Morning Review - 2010/5/20 Zinc Market
SHANGHAI, May 20 (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 19th
|
1,880
|
-31.5
|
80,172
|
233,398
|
565,750
|
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 19th
|
15,010
|
14,875
|
15,071
|
1:6.8278
|
|
|
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 19th
|
15,340
|
15,265
|
15,382
|
15,100
|
Summary
The US dollar index fell from 87.3 to 86.0 on May 19th, allowing LME zinc prices to regain previous losses. LME three-month zinc contract prices finally closed at USD 1,880/mt, but the 5-day moving average remains the pressure level for LME zinc prices currently. In addition, it is worth noting that LME zinc inventories have fallen persistently for almost one weak, and according to the latest report yesterday, LME zinc inventories were 565.7 kt, which may provide support for zinc prices at USD 1,800/mt. SMM predicts SHFE three-month zinc contract prices will move between RMB 15,300-15,800/mt today, with special focus on the impact from domestic A-shares market on zinc market sentiment.
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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