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SMM Daily Review - 2009/12/31 Zinc Market
Jan 4,2010 11:22CST
smm insight
Source:SMM

SHANGHAI, Jan. 4 (SMM) -- SHFE zinc prices opened high and moved higher, and closed at a yearly high of RMB 21,380/mt, up 2.91%. Although last Thursday was the last trading day of 2009, positions of SHFE 1004 zinc contract declined by more than 11,000 lots, with total positions of this contract remaining at 150,000 lots. Trading sentiment was brisk, with turnover rate reaching 311%, and with trading value of nearly RMB 50 billion. SHFE zinc forward contract has stood above RMB 22,000/mt, while SHFE spot-month contract zinc prices faced resistance at RMB 21,000/mt, hitting RMB 20,930/mt, and closed at RMB 20,805/mt finally.

In spot markets, SMM offers for #0 zinc were RMB 20,250-20,350/mt, with market prices moving in the RMB 20,300-20,350/mt range, helping set zinc price trends in 2010, which will continue to increase to above RMB 20,000/mt. Both smelters and traders were uneager to move goods on the last trading day of 2009, and zinc prices will likely advance to RMB 20,500/mt after the New Year holiday. Average prices for #0 zinc were RMB 13,850/mt in 2009 based on SMM statistics.

 

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