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SMM Morning Review - 2010/6/4 Zinc Market
SHANGHAI, June 4 (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 3rd
|
1,770
|
-32
|
67,682
|
246,627
|
617,950
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
June 3rd
|
14,880
|
14,855
|
1:6.8280
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
June 3rd
|
15,215
|
15,235
|
14,900
|
Summary
Concerns over China's tightening policies and the European debt problems weighed on base metals markets, while the US dollar index advanced to above 87 again, also causing metals prices to plunge. LME three-month zinc contract prices closed at the daily low of USD 1,770/mt on June 4th, and zinc prices still move on a downward track currently technically. SHFE zinc prices are expected to fall further to RMB 14,500/mt today.
To contact the writer on this report: monicagao@smm.cn
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