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SMM Morning Review - 2010/5/24 Zinc Market
SHANGHAI, May 24 (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 21st
|
1,895
|
-31.02
|
74,876
|
238,738
|
567,025
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
May 21st
|
15,245
|
15,060
|
1:6.8276
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
May 21st
|
15,500
|
15,345
|
15,050
|
Summary
Base metals prices advanced last Friday due to a weaker US dollar, and LME zinc prices fluctuated higher as well, with prices finally closing above the 5-day moving average at USD 1,895/mt. However, trading volumes declined sharply by nearly 10,000 lots, an indication of market doubt with regard to zinc price increases in the future. SMM predicts SHFE 1008 zinc contract prices will move between RMB 15,500-16,000/mt today, with special focus on the impact from domestic A-shares market on market sentiment and futures prices.
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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