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SMM Morning Review - 2010/5/28 Zinc Market
SHANGHAI, May 28 (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 27th
|
1,941
|
-31
|
62,146
|
244,017
|
619,750
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
May 27th
|
15,560
|
15,345
|
1:6.8281
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
May 27th
|
16,035
|
15,805
|
15,300
|
Summary
The US Department of Labor announced on Thursday that the initial claims for jobless benefits declined to 460,000 in the week ended on May 22nd, while the jobless claims were revised to 474,000 a week earlier, which helped drive up the US stocks, and metals prices moved higher in response. LME three-month zinc contract prices closed at USD 1,935/mt on May 27th. SMM predicts spot zinc prices will climb to a range of RMB 15,400-15,500/mt today.
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.
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