SMM Daily Review - 2010/1/15 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2010/1/15 Zinc Market

SMM Insight 11:20:54AM Jan 18, 2010 Source:SMM

SHANGHAI, Jan. 18 (SMM) -- SHFE zinc prices showed weak performance on the last trading day of SHFE 1001 zinc contract, and SHFE three-month contract zinc prices advanced slightly and tried to test 5-day moving average line, with the highest level at RMB 20,845/mt, and positions declined significantly.

Spot zinc market was very lackluster. Downstream buyers paid more attention to the support level of RMB 20,000/mt, but the weak performance of SHFE zinc prices generated the pessimistic sentiment in the market, restricting trading activity. #0 zinc was traded between RMB 20,150-20,200/mt in the morning, but a limited number of smelters were uneager to move goods, with offers firm at RMB 20,300/mt, and with strong reluctance to move goods. SHFE spot-month contract zinc prices fell below RMB 20,000/mt in the afternoon dampened by short positions, with the lowest level at RMB 19,900/mt, and the market pessimism emerged as a result, with offers between RMB 19,850-19,900/mt reported in the spot market. However, spot trading volumes were very limited due to market player pessimistic 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 - 2010/1/15 Zinc Market

SMM Insight 11:20:54AM Jan 18, 2010 Source:SMM

SHANGHAI, Jan. 18 (SMM) -- SHFE zinc prices showed weak performance on the last trading day of SHFE 1001 zinc contract, and SHFE three-month contract zinc prices advanced slightly and tried to test 5-day moving average line, with the highest level at RMB 20,845/mt, and positions declined significantly.

Spot zinc market was very lackluster. Downstream buyers paid more attention to the support level of RMB 20,000/mt, but the weak performance of SHFE zinc prices generated the pessimistic sentiment in the market, restricting trading activity. #0 zinc was traded between RMB 20,150-20,200/mt in the morning, but a limited number of smelters were uneager to move goods, with offers firm at RMB 20,300/mt, and with strong reluctance to move goods. SHFE spot-month contract zinc prices fell below RMB 20,000/mt in the afternoon dampened by short positions, with the lowest level at RMB 19,900/mt, and the market pessimism emerged as a result, with offers between RMB 19,850-19,900/mt reported in the spot market. However, spot trading volumes were very limited due to market player pessimistic 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