SMM Morning Review - 2010/1/14 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/1/14 Zinc Market

SMM Insight 11:16:48AM Jan 14, 2010 Source:SMM

SHANGHAI, Jan. 14 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
Dec. Average
2,413
-35
58,321
230,995
462,634
Jan. 13th
2,515
-31
59,905
231,655
489,225

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Dec. 16th              
18,390
18,370
18,371
1:6.8280
Jan. 13th                
20,100
20,160
19,841
1:6.8273

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Dec. 16th              
18,700
18,680
18,684
18,100
Jan. 13th                  
20,290
20,395
19,474
20,225

Summary

On Wednesday, SHFE zinc prices opened low negatively affected by China's central bank's move to curb money supply, and positions declined significantly by 12,650 lots. SHFE three-month contract zinc prices fell further at noon, and closed at RMB 20,450/mt finally, down 4.3%, while spot zinc market improved slightly. Although offers for different brands were different, both #0 zinc and #1 zinc were traded in the RMB 20,200-20,250/mt range. Inquiries were up, but market supply was mainly from traders, since smelters were unwilling to move goods due to lower prices.

As the Euro advanced to one-month high against the US dollar, boosting metals prices, and LME zinc prices rebounded to above USD 2,500/mt as a result. Strong LME zinc prices helped improve market confidence when market players were concerned that whether or not zinc prices could stand firm at RMB 20,000/mt. SMM predicts SHFE three-month contract zinc prices will rebound to RMB 21,000/mt today.

 

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 Morning Review - 2010/1/14 Zinc Market

SMM Insight 11:16:48AM Jan 14, 2010 Source:SMM

SHANGHAI, Jan. 14 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
Dec. Average
2,413
-35
58,321
230,995
462,634
Jan. 13th
2,515
-31
59,905
231,655
489,225

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Dec. 16th              
18,390
18,370
18,371
1:6.8280
Jan. 13th                
20,100
20,160
19,841
1:6.8273

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Dec. 16th              
18,700
18,680
18,684
18,100
Jan. 13th                  
20,290
20,395
19,474
20,225

Summary

On Wednesday, SHFE zinc prices opened low negatively affected by China's central bank's move to curb money supply, and positions declined significantly by 12,650 lots. SHFE three-month contract zinc prices fell further at noon, and closed at RMB 20,450/mt finally, down 4.3%, while spot zinc market improved slightly. Although offers for different brands were different, both #0 zinc and #1 zinc were traded in the RMB 20,200-20,250/mt range. Inquiries were up, but market supply was mainly from traders, since smelters were unwilling to move goods due to lower prices.

As the Euro advanced to one-month high against the US dollar, boosting metals prices, and LME zinc prices rebounded to above USD 2,500/mt as a result. Strong LME zinc prices helped improve market confidence when market players were concerned that whether or not zinc prices could stand firm at RMB 20,000/mt. SMM predicts SHFE three-month contract zinc prices will rebound to RMB 21,000/mt today.

 

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