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SMM Morning Review - 2010/6/28 Zinc Market
SHANGHAI, June 28 (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 25th
|
1,875
|
-31
|
42,659
|
245,499
|
616,500
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,060
|
14,300
|
1:6.8277
|
|
June 25th
|
14,900
|
14,970
|
1:6.7896
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
|
|
SHFE Close
|
Settlement
|
||
|
June 17th
|
14,295
|
14,420
|
14,225
|
|
June 25th
|
15,010
|
15,135
|
15,025
|
Summary
The euro strengthened versus the US dollar last Friday, allowing LME zinc prices to regain most of previous losses, and LME zinc prices finally closed at USD 1,875/mt, down USD 5/mt. Trading volumes declined, an indication of stronger wait-and-see sentiment and an unclear market direction, as market players were waiting for the impact from G-20 summit on market confidence. SMM predicts SHFE 1009 zinc contract prices will face pressure at the 30-day moving average today.
To contact the writer on this report: monicagao@smm.cn
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