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SMM Morning Review - 2010/6/18 Zinc Market
SHANGHAI, June 18 (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 17th
|
1,760
|
-33
|
57,793
|
241,889
|
617,175
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,665
|
15,735
|
1:6.8275
|
|
June 17th
|
14,060
|
14,300
|
1:6.8277
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
May 17th
|
15,970
|
16,165
|
15,700
|
|
June 17th
|
14,295
|
14,420
|
14,225
|
Summary
Economic data released last night was weaker than expected. The US Department of Labor announced on Thursday that the number of initial claims for unemployment benefits rose to 472,000 in the week ended on June 12th, higher than the expected 450,000. The US housing starts in May were 593,000 units, lower than the expected 650,000 units, hitting a five-month low, spurring market concerns over demand, and metals prices moved lower in response. LME zinc prices closed at USD 1,760/mt, down USD 50/mt, with the lowest prices reported at USD 1,745/mt. LME zinc prices got the support at the 10-day moving average, but recent changes in the US dollar trends will continue to weigh on metals prices. SHFE zinc prices were weaker yesterday, and SMM predicts SHFE zinc prices will remain weak today, with SHFE 1009 zinc contract prices expected to struggle at the 5-day moving average.
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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