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

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SMM Daily Review - 2010/1/14 Zinc Market

SMM Insight 10:11:01AM Jan 15, 2010 Source:SMM

SHANGHAI, Jan. 15 (SMM) -- SHFE zinc prices slipped rapidly after opening high, with positions down slightly continuously. SHFE three-month contract zinc prices advanced to RMB 20,965/mt, but dipped to RMB 20,520/mt at noon, and later rebounded and closed at RMB 20,610/mt finally. SHFE 1005 zinc contract closed at RMB 20,800/mt, with positions up more than 6,000 lots.

In the spot zinc market, SMM offers for #0 zinc were RMB 20,150-20,250/mt, and spot zinc prices showed stronger performance even when SHFE zinc prices slipped during the spot trading period. #1 zinc was traded around RMB 20,100/mt, while #0 zinc was traded at RMB 20,150/mt. Although the trading sentiment was slim, downstream consumers preferred to increase purchased volumes until spot zinc prices fell below RMB 20,000/mt. However, smelters and traders were full of confidence in the support level of RMB 20,000/mt due to their optimistic future market outlook.

 

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 - 2010/1/14 Zinc Market

SMM Insight 10:11:01AM Jan 15, 2010 Source:SMM

SHANGHAI, Jan. 15 (SMM) -- SHFE zinc prices slipped rapidly after opening high, with positions down slightly continuously. SHFE three-month contract zinc prices advanced to RMB 20,965/mt, but dipped to RMB 20,520/mt at noon, and later rebounded and closed at RMB 20,610/mt finally. SHFE 1005 zinc contract closed at RMB 20,800/mt, with positions up more than 6,000 lots.

In the spot zinc market, SMM offers for #0 zinc were RMB 20,150-20,250/mt, and spot zinc prices showed stronger performance even when SHFE zinc prices slipped during the spot trading period. #1 zinc was traded around RMB 20,100/mt, while #0 zinc was traded at RMB 20,150/mt. Although the trading sentiment was slim, downstream consumers preferred to increase purchased volumes until spot zinc prices fell below RMB 20,000/mt. However, smelters and traders were full of confidence in the support level of RMB 20,000/mt due to their optimistic future market outlook.

 

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