SHANGHAI, Jan. 26 (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. 25th
|
2,318.5
|
-22
|
50,289
|
211,852
|
491,825
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Jan. 18th
|
20,190
|
20,065
|
20,069
|
1:6.8272
|
|
Jan. 25th
|
19,500
|
19,480
|
20,090
|
1:6.8270
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Jan. 18th
|
20,550
|
20,415
|
20,415
|
19,955
|
|
Jan. 25th
|
19,875
|
19,790
|
20,574
|
19,350
|
Summary
On Monday, #0 zinc was traded in the RMB 19,300-19,350/mt range in the Shanghai market, with discounts of RMB 400-500/mt against SHFE 1004 zinc contract. #1 zinc was traded around RMB 19,250/mt. SHFE zinc prices stabilized, but spot transactions reported no significant improvement, with the wait-and-see sentiment still prevailing among downstream consumers. Smelters moved goods limitedly.
As to futures market, SHFE zinc prices opened low, but fluctuated higher, and SHFE three-month contract zinc prices closed at RMB 20,025/mt, with the highest level at RMB 20,160/mt, and positions increased by nearly 13,000 lots to 171,000 lots. However, the weak performance of the US stocks weighed on zinc market. LME zinc prices have shown sluggish performance on January 25th, but increases in long positions on SHFE zinc market will help stabilize SHFE zinc prices today, with SHFE three-month contract zinc prices expected to test the support level of RMB 20,000/mt.
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