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SMM Morning Review - 2010/5/25 Zinc Market
SHANGHAI, May 25 (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 24th
|
1,920
|
-29
|
77,408
|
242,235
|
586,650
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
May 24th
|
15,720
|
15,525
|
1:6.8277
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
May 24th
|
16,035
|
15,805
|
15,525
|
Summary
The National Association of Realtors (NAR) released on Monday that existing home sales in April climbed by 7.6% to an annual rate of 5.77 million as buyers rushed to qualify for an expiring government tax credit, while existing home sales in March were an annual rate of 5.36 million. The positive existing home sales helped push up the US stocks last night, and metals prices advanced as well driven up by US stocks, with LME three-month zinc contract prices finally closing at USD 1,920/mt.
However, Spain's central bank took control on Saturday of a troubled regional savings bank, spurring market concerns that Greece's debt crisis is spreading, and the euro dipped against the US dollar as a result. In addition, LME zinc inventories soared by nearly 20 kt to 587 kt, also weighing down zinc prices in the short term. SHFE zinc prices jumped by 4.5%, with prices near the daily price limits. However, spot zinc prices rose at a slower pace compared with SHFE zinc prices, and SMM predicts SHFE three-month zinc contract prices will move around RMB 16,000/mt today, with pressure expected to the 10-day moving average.
To contact the writer on this report: monicagao@smm.cn
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