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SMM Morning Review - 2010/6/3 Zinc Market
SHANGHAI, June 3 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
May Average
|
1,996
|
-31
|
75,192
|
242,444
|
579,930
|
|
June 2nd
|
1,810
|
-33
|
77,161
|
246,026
|
618,825
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
June 2nd
|
14,960
|
14,920
|
1:6.8281
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
June 2nd
|
15,335
|
15,515
|
15,100
|
Summary
LME zinc prices slumped to as low as USD 1,779/mt on June 2nd, but later regained some losses supported by rebounding stock markets, and LME three-month zinc contract prices finally closed above USD 1,800/mt. However, zinc prices were still on a downward track, and are expected to remain weak in the near term. SMM predicts domestic spot zinc prices will test the support level of RMB 15,000/mt today.
To contact the writer on this report: monicagao@smm.cn
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