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SMM Morning Review - 2010/6/22 Zinc Market
SHANGHAI, June 22 (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 21st
|
1,770
|
-34
|
48,611
|
243,407
|
617,925
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,060
|
14,300
|
1:6.8277
|
|
June 21st
|
14,750
|
14,435
|
1:6.8275
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,295
|
14,420
|
14,225
|
|
June 21st
|
14,845
|
14,450
|
14,450
|
Summary
China's currency move boosted base metals prices during the Asian trading hours yesterday, but metals prices later lost some previous gains due to strengthening US dollar. LME zinc prices finally closed at USD 1,770/mt, with the highest prices reported at USD 1,820/mt. LME zinc prices are under the stronger pressure of moving higher, with special focus on the positive impact on LME zinc prices from other base metals prices trends. SHFE zinc prices climbed to the daily price limits yesterday noon, but settlement prices were relatively low. SMM predicts any upward movements in SHFE zinc prices will be stronger today, with SHFE 1009 zinc contract prices expected to advance to test the RMB 15,000/mt mark.
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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