SMM Morning Review - 2010/1/29 Zinc Market-Shanghai Metals Market

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SMM Morning Review - 2010/1/29 Zinc Market

SMM Insight 10:12:05AM Jan 29, 2010 Source:SMM

SHANGHAI, Jan. 29 (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. 28th  
2,150
-24.5
63,590
207,215
496,650

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. 28th                
18,075
18,245
19,564
1:6.8271

 
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. 28th                 
18,335
18,480
20,417
18,000

Summary

On Thursday, base metals prices slumped, with SHFE zinc prices falling to its downside limit. #0 zinc was traded at RMB 18,000/mt, and #1 zinc was traded at RMB 17,950/mt in the Shanghai market. The depressing market confidence dampened spot trading sentiment, with limited buyers making purchases at lower prices. The US stocks closed at a record low for 2010 on January 28th due to market concerns over the European debt and credit ratings, Obama's proposal on financial regulation, as well as China’s move to tighten money supply.

LME metals prices remained sluggish on January 28th, with LME copper prices falling below USD 7,000/mt. LME zinc prices closed at USD 2,150/mt, getting support from the previous low level of USD 2,130/mt. SMM predicts SHFE three-month contract zinc prices will fluctuate in the RMB 18,000-18,500/mt range today.

To contact the writer on this report: monicagao@smm.cn

 

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 Morning Review - 2010/1/29 Zinc Market

SMM Insight 10:12:05AM Jan 29, 2010 Source:SMM

SHANGHAI, Jan. 29 (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. 28th  
2,150
-24.5
63,590
207,215
496,650

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. 28th                
18,075
18,245
19,564
1:6.8271

 
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. 28th                 
18,335
18,480
20,417
18,000

Summary

On Thursday, base metals prices slumped, with SHFE zinc prices falling to its downside limit. #0 zinc was traded at RMB 18,000/mt, and #1 zinc was traded at RMB 17,950/mt in the Shanghai market. The depressing market confidence dampened spot trading sentiment, with limited buyers making purchases at lower prices. The US stocks closed at a record low for 2010 on January 28th due to market concerns over the European debt and credit ratings, Obama's proposal on financial regulation, as well as China’s move to tighten money supply.

LME metals prices remained sluggish on January 28th, with LME copper prices falling below USD 7,000/mt. LME zinc prices closed at USD 2,150/mt, getting support from the previous low level of USD 2,130/mt. SMM predicts SHFE three-month contract zinc prices will fluctuate in the RMB 18,000-18,500/mt range today.

To contact the writer on this report: monicagao@smm.cn

 

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