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SMM Morning Review - 2010/5/31 Zinc Market
SHANGHAI, May 31 (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 28th
|
1,925
|
-32
|
60,538
|
244,839
|
619,000
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
May 28th
|
15,720
|
15,705
|
1:6.8279
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
May 28th
|
16,115
|
16,160
|
15,650
|
Summary
Fitch Ratings on Friday downgraded Spain's long-term foreign and local currency issuer default ratings, again triggering market concerns the debt crisis in the Euro zone may spread. In addition, the Chicago Purchasing Managers Index (PMI) announced last Friday was lower than expected, depressing investor confidence in price increases, and LME base metals prices closed with decline as a result. LME zinc prices dropped by USD 10/mt to USD 1,925/mt last Friday, with the highest prices reported at USD 1,965/mt, and will continue to face heavy upward pressure in the short term. SMM predicts SHFE zinc prices will fall back today, with struggles remaining intense between 5-day and 100-day moving averages.
To contact the writer on this report: monicagao@smm.cn
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