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SMM Morning Review - 2010/6/12 Zinc Market

iconJun 12, 2010 00:00

SHANGHAI, June 12 (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 11th
1,740
-29
70,855
252,376
617,125

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
May 17th
15,665
15,735
1:6.8275
June 11th
14,150
14,135
1:6.8279

 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
May 17th
15,970
16,165
15,700
June 11th
14,380
14,325
14,200

Summary

According to the U.S. Department  of Commerce on Friday, May retail sales data on Friday fell by 1.2% over contract, while the previous expectation was a 0.2% increase. The Euro weakened after the lower-than-expected data released.  LME zinc prices fluctuated weakly between USD 1,710-1,770/mt on June 11th. Although prices climbed as high as USD 1,762/mt , finally closed at USD 1,740/mt, still meeting resistance at 10-day moving average. Any breakthrough of zinc price shall depend on its neighboring market movement.

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.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

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