SMM Daily Review - 2010/1/7 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2010/1/7 Zinc Market

SMM Insight 10:40:28AM Jan 08, 2010 Source:SMM

SHANGHAI, Jan. 8 (SMM) -- SHFE zinc prices opened high and moved higher, but later plunged to RMB 21,350/mt after setting a new high of USD 22,600/mt, with a fluctuation rate exceeding 4%. Positions of SHFE three-month zinc contract declined by 14,558 lots due to profit-taking, and the turnover rate was 354%, with trading value reaching RMB 57.2 billion. SHFE zinc prices stabilized in the afternoon, and closed at RMB 21,720/mt finally, only down 0.23%.

In spot markets, spot offers remained stable between RMB 21,100-21,200/mt, and most market players stayed out of the market, with no sell-off activities reported. Downstream consumers and a portion of traders were waiting for reductions in zinc prices after constant increases so as to replenish stocks. Whether or not zinc prices can find support above RMB 21,000/mt will depend on the support from optimistic market sentiment and speculative funds. 

 

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 - 2010/1/7 Zinc Market

SMM Insight 10:40:28AM Jan 08, 2010 Source:SMM

SHANGHAI, Jan. 8 (SMM) -- SHFE zinc prices opened high and moved higher, but later plunged to RMB 21,350/mt after setting a new high of USD 22,600/mt, with a fluctuation rate exceeding 4%. Positions of SHFE three-month zinc contract declined by 14,558 lots due to profit-taking, and the turnover rate was 354%, with trading value reaching RMB 57.2 billion. SHFE zinc prices stabilized in the afternoon, and closed at RMB 21,720/mt finally, only down 0.23%.

In spot markets, spot offers remained stable between RMB 21,100-21,200/mt, and most market players stayed out of the market, with no sell-off activities reported. Downstream consumers and a portion of traders were waiting for reductions in zinc prices after constant increases so as to replenish stocks. Whether or not zinc prices can find support above RMB 21,000/mt will depend on the support from optimistic market sentiment and speculative funds. 

 

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