SMM Daily Review - 2010/1/20 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2010/1/20 Zinc Market

SMM Insight 09:51:14AM Jan 21, 2010 Source:SMM

SHANGHAI, Jan. 21 (SMM) -- SHFE zinc prices opened high but moved lower, remaining on a downward track and showing weak performance on January 20th. SHFE 1004 zinc contract slipped in the morning following weakening domestic A-share market, but later regained positively affected by other metals prices. SHFE zinc prices moved in a "V" shape, with the lowest level at RMB 20,960/mt.

In the spot zinc market, offers for #0 zinc climbed from RMB 20,250-20,300/mt to RMB 20,350/mt in Shanghai market, being in SMM zinc price range, but the wait-and-see sentiment prevailed among market players, resulting in difficulties in transactions and helping expand spot discounts significantly. Spot discounts were RMB 500/mt against SHFE 1004 zinc contract on January 19th, but have expanded to RMB 650/mt on January 20th. SHFE 1005 zinc contract prices closed at RMB 20,950/mt finally, with technical indicators showing SHFE zinc prices will experience corrections in the short term.

 

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 - 2010/1/20 Zinc Market

SMM Insight 09:51:14AM Jan 21, 2010 Source:SMM

SHANGHAI, Jan. 21 (SMM) -- SHFE zinc prices opened high but moved lower, remaining on a downward track and showing weak performance on January 20th. SHFE 1004 zinc contract slipped in the morning following weakening domestic A-share market, but later regained positively affected by other metals prices. SHFE zinc prices moved in a "V" shape, with the lowest level at RMB 20,960/mt.

In the spot zinc market, offers for #0 zinc climbed from RMB 20,250-20,300/mt to RMB 20,350/mt in Shanghai market, being in SMM zinc price range, but the wait-and-see sentiment prevailed among market players, resulting in difficulties in transactions and helping expand spot discounts significantly. Spot discounts were RMB 500/mt against SHFE 1004 zinc contract on January 19th, but have expanded to RMB 650/mt on January 20th. SHFE 1005 zinc contract prices closed at RMB 20,950/mt finally, with technical indicators showing SHFE zinc prices will experience corrections in the short term.

 

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