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SMM Morning Review - 2010/6/24 Zinc Market
SHANGHAI, June 24 (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 23rd
|
1,830
|
-34.5
|
42,551
|
245,671
|
617,850
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,060
|
14,300
|
1:6.8277
|
|
June 23rd
|
14,900
|
14,800
|
1:6.8102
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,295
|
14,420
|
14,225
|
|
June 23rd
|
15,050
|
14,935
|
15,000
|
Summary
The US Department of Commerce announced on Wednesday that new home sales in May plunged by 32.7% compared with April levels, and the growing concerns over demand from construction industry sent LME base metals prices tumbling last night. However, LME zinc prices remained relatively firm buoyed by stronger China's domestic zinc market. LME three-month zinc contract prices finally closed at USD 1,825/mt, up USD 30/mt, or up 1.67%. LME zinc prices are under the pressure of 30-day moving average currently, with relatively heavy pressure reported at the previous high of USD 1,870/mt.
The US Federal Open Market Committee said the pace of US economic recovery is likely to be moderate for a time, and reiterated it plans to keep interest rates exceptionally low for an extended period after ending its two-day interest rate meeting. SHFE zinc prices advanced rapidly pushed up by speculative funds, and SMM predicts any upward momentum in zinc prices will fade today under the context of weak overseas demand, with SHFE 1009 zinc contract prices expected to face strong selling pressure around RMB 15,400/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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