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SMM Daily Review - 2010/1/5 Zinc Market
Jan 6,2010 10:33CST
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SHANGHAI, Jan. 6 (SMM) -- SHFE zinc prices slipped first but advanced later. SHFE three-month contract zinc prices slipped after failing to climb to RMB 21,500/mt, but moved higher in the afternoon driven up by inflow of buyers at lower prices, and advanced to RMB 21,700/mt, with prices ending at RMB 21,650/mt. The turnover rate reached 280.23%, and transactions were brisk, and positions increased by 8,308 lots, with trading value reaching more than RMB 50.6 billion. SHFE spot-month contract zinc prices received resistance at RMB 21,000/mt in the morning, but advanced to RMB 21,090/mt in the afternoon, with prices ending at RMB 21,060/mt.

In spot markets, spot zinc prices remained firm in the morning despite of weak performance of SHFE zinc prices. Offers for #0 zinc were RMB 20,650/mt, depressing trading sentiment, and market supply was limited as well. Cargo-holders were reluctant to move goods given their optimistic toward further zinc prices. SHFE zinc prices moved higher in the afternoon, helping push up spot zinc prices, with the level of RMB 21,000/mt as the short-term target of spot zinc prices.


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