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SMM Morning Review - 2010/6/9 Zinc Market
SHANGHAI, June 9 (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 8th
|
1,715
|
-31
|
77,734
|
253,483
|
616,100
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
June 8th
|
13,590
|
13,335
|
1:6.8284
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
June 8th
|
13,810
|
13,625
|
13,400
|
Summary
The rebounding euro drove up market buying, and LME zinc prices increased by 6.6% to the 5-day moving average yesterday, with LME three-month zinc contract prices finally closing at USD 1,715/mt. Positions increased by more than 4,000 lots to 253,500 lots. SMM predicts LME zinc prices will continue to struggle at the 5-day moving average in the near term. SHFE zinc prices will move higher following LME zinc price trends today, with SHFE 1009 zinc contract prices expected to regain previous losses recorded on Monday.
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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