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SMM Morning Review - 2010/5/26 Zinc Market
SHANGHAI, May 26 (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 25th
|
1,870
|
-30
|
77,564
|
244,106
|
617,325
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
May 25th
|
15,265
|
15,490
|
1:6.8279
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
May 25th
|
15,515
|
15,775
|
15,600
|
Summary
LME metals prices retreated on May 25th due to market concerns over Spain's debt paying ability. LME zinc prices closed at USD 1,870/mt, down 2.6%, with the 10-day moving average expected to be the resistance level in the short term. In addition, LME zinc inventories have surged for tow consecutive days by more than 50 kt, with total inventories already reaching 617 kt, which will to some extent weigh down zinc prices. SHFE zinc prices plunged from high levels yesterday, and SMM predicts zinc prices will continue to fluctuate today, with SHFE 1008 zinc contract prices expected to move between RMB 15,400-15,900/mt.
To contact the writer on this report: monicagao@smm.cn
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