Metals News
SMM Daily Review - 2011/1/10 Zinc Market
smm insight

SHAGNHAI, Jan. 11 (SMM) -- On Tuesday, SHFE three-month zinc contract prices opened at RMB 14,790/mt, moving between RMB 14,750-14,800/mt in the morning session. As LME zinc prices surged due to weakening US dollar index, SHFE three-month zinc contract prices touched but met resistance at RMB 15,000/mt level, with prices finally closing at RMB 14,920/mt, up RMB 225/mt or 1.53%, above the 5-day moving average. Trading volumes decreased by 50,000 lots to 175,732 lots, and total position decreased by 10,900 lots to 202,486 lots.

In domestic spot markets, SHFE three-month zinc contract prices moved between RMB 14,750-14,800/mt, with spot discounts between RMB 150-180/mt. #0 zinc was traded around RMB 14,550/mt, and #1 zinc was traded around RMB 14,500/mt. Both cargo holders and downstream buyers were cautious. As SHFE zinc prices rose, spot discounts expanded to RMB 230-250/mt, but the market was unwilling to accept higher prices, keeping transactions quiet.

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