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SMM Morning Review - 2010/6/25 Zinc Market
SHANGHAI, June 25 (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 24th
|
1,875.5
|
-33
|
52,977
|
245,527
|
616,950
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,060
|
14,300
|
1:6.8277
|
|
June 24th
|
15,150
|
15,145
|
1:6.8100
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,295
|
14,420
|
14,225
|
|
June 24th
|
15,345
|
15,340
|
15,125
|
Summary
The US initial claims for jobless benefits fell to 457,000 last week, lower than the estimate of 460,000. The US dollar index dipped from 86.0 to as low as 85.47, and base metals prices showed signs of rebounding in response. LME zinc prices finally closed at USD 1,880/mt, up 3%, and SMM expects LME zinc prices will hover around USD 1,890/mt in the short term. SHFE 1009 zinc contract prices received pressure at the 30-day moving average, and SMM predicts SHFE 1009 zinc contract prices will fluctuate between RMB 15,200-15,300/mt today.
To contact the writer on this report: monicagao@smm.cn
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