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SMM Morning Review - 2010/6/23 Zinc Market
SHANGHAI, June 23 (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 22nd
|
1,795
|
-34.5
|
46,605
|
244,484
|
617,900
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,060
|
14,300
|
1:6.8277
|
|
June 22nd
|
14,700
|
14,625
|
1:6.7980
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,295
|
14,420
|
14,225
|
|
June 22nd
|
14,810
|
14,745
|
14,635
|
Summary
LME base metals prices were mixed last night. LME zinc prices closed at USD 1,795/mt, up USD 25/mt, with the highest level reported at USD 1,815/mt. The US National Association of Realtors (NAR) announced on Tuesday that the US existing home sales declined by 2.2% in May, and this lower-than-expected data spurred market concerns over demand, limiting any upward movements in LME zinc prices. SMM predicts SHFE 1009 zinc contract prices will continue to face pressure at the RMB 15,000/mt mark today amid strong selling sentiment at higher prices.
To contact the writer on this report: monicagao@smm.cn
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