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SMM Morning Review - 2010/6/21 Zinc Market
SHANGHAI, June 21 (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 18th
|
1,740
|
-33
|
48,601
|
244,116
|
618,025
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,060
|
14,300
|
1:6.8277
|
|
June 18th
|
13,960
|
14,050
|
1:6.8275
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,295
|
14,420
|
14,225
|
|
June 18th
|
14,055
|
14,140
|
14,100
|
Summary
Market concerns over the approach of seasonal low demand period were growing, and LME metals prices continued to move in a narrow band. LME zinc prices closed at USD 1,740/mt last Friday, down USD 20/mt, with struggles between long and short positions remaining intense at the 10-day moving average, and SMM predicts LME zinc prices will continue to fluctuate between USD 1,700-1,750/mt in the near term. SHFE three-month zinc contract prices struggled between the 5-day and 10-day moving averages, and are expected to continue to struggle around RMB 14,200/mt.
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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