SMM Daily Review - 2010/1/4 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2010/1/4 Zinc Market

SMM Insight 10:09:39AM Jan 05, 2010 Source:SMM

SHANGHAI, Jan. 5 (SMM) -- SHFE zinc prices continued to open high and move higher, hitting new highs constantly. SHFE 1004 zinc contract opened at RMB 21,405/mt, hitting RMB 21,705/mt, and kept moving above daily moving averages, with positions up 9,156 lots. However, SHFE 1004 zinc contract was negatively affected by plunged A-share stock market before closing, with a growth rate down from 2% to 1%. SHFE spot-month contract zinc prices also headed for RMB 21,000/mt, and moved higher in the morning.

In spot markets, SMM offers for #0 zinc were RMB 20,500-20,600/mt, up RMB 250/mt compared with the level on December 31st, 2009, but market optimism remained strong, with offers firm. Offers for #1 zinc were RMB 20,600/mt, helping set the lowest traded prices for spot zinc. In this context, #0 zinc was traded around RMB 20,650/mt, while well-known smelters were uneager to move goods on the first trading day of 2010, limiting market supply. Although downstream consumers adopted a wait-and-see attitude toward spot zinc prices above RMB 20,000/mt, zinc prices will remain on an upward track.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  Market movement  zinc price  zinc Zn 

SMM Daily Review - 2010/1/4 Zinc Market

SMM Insight 10:09:39AM Jan 05, 2010 Source:SMM

SHANGHAI, Jan. 5 (SMM) -- SHFE zinc prices continued to open high and move higher, hitting new highs constantly. SHFE 1004 zinc contract opened at RMB 21,405/mt, hitting RMB 21,705/mt, and kept moving above daily moving averages, with positions up 9,156 lots. However, SHFE 1004 zinc contract was negatively affected by plunged A-share stock market before closing, with a growth rate down from 2% to 1%. SHFE spot-month contract zinc prices also headed for RMB 21,000/mt, and moved higher in the morning.

In spot markets, SMM offers for #0 zinc were RMB 20,500-20,600/mt, up RMB 250/mt compared with the level on December 31st, 2009, but market optimism remained strong, with offers firm. Offers for #1 zinc were RMB 20,600/mt, helping set the lowest traded prices for spot zinc. In this context, #0 zinc was traded around RMB 20,650/mt, while well-known smelters were uneager to move goods on the first trading day of 2010, limiting market supply. Although downstream consumers adopted a wait-and-see attitude toward spot zinc prices above RMB 20,000/mt, zinc prices will remain on an upward track.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  Market movement  zinc price  zinc Zn