SMM Daily Review - 2010/1/19 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2010/1/19 Zinc Market

SMM Insight 10:05:14AM Jan 20, 2010 Source:SMM

SHANGHAI, Jan. 20 (SMM) -- Transactions of SHFE 1004 zinc contract were brisk, and SHFE 1004 zinc contract prices moved around RMB 20,780/mt, with positions down 22,306 lots. SHFE 1005 zinc contract became the dominant contract, with positions up 32,826 lots, and SHFE 1005 zinc contract prices lcosed at RMB 21,245/mt finally, with the highest level at RMB 21,175/mt, and with a growth of 2.7% compared with the previous trading day, but the weak KD indicator exerted pressure on spot transactions.

On January 19th, spot discounts for #0 zinc were RMB 500/mt against SHFE 1004 zinc contract in Shanghai market, and the lowest spot zinc prices were only RMB 20,200/mt, with low-end spot discounts at RMB 150/mt against SMM zinc prices. However, #0 zinc prices rebounded above RMB 20,300/mt rapidly following rebounding SHFE zinc prices, but overall trading volumes were limited, since downstream buyers were waiting for lower zinc prices below RMB 20,000/mt. In this context, SMM believes spot zinc prices gained strong support between RMB 19,900-20,000/mt.

 

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 - 2010/1/19 Zinc Market

SMM Insight 10:05:14AM Jan 20, 2010 Source:SMM

SHANGHAI, Jan. 20 (SMM) -- Transactions of SHFE 1004 zinc contract were brisk, and SHFE 1004 zinc contract prices moved around RMB 20,780/mt, with positions down 22,306 lots. SHFE 1005 zinc contract became the dominant contract, with positions up 32,826 lots, and SHFE 1005 zinc contract prices lcosed at RMB 21,245/mt finally, with the highest level at RMB 21,175/mt, and with a growth of 2.7% compared with the previous trading day, but the weak KD indicator exerted pressure on spot transactions.

On January 19th, spot discounts for #0 zinc were RMB 500/mt against SHFE 1004 zinc contract in Shanghai market, and the lowest spot zinc prices were only RMB 20,200/mt, with low-end spot discounts at RMB 150/mt against SMM zinc prices. However, #0 zinc prices rebounded above RMB 20,300/mt rapidly following rebounding SHFE zinc prices, but overall trading volumes were limited, since downstream buyers were waiting for lower zinc prices below RMB 20,000/mt. In this context, SMM believes spot zinc prices gained strong support between RMB 19,900-20,000/mt.

 

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