SMM Daily Review - 2011/1/10 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2011/1/10 Zinc Market

SMM Insight 08:42:04AM Jan 11, 2012 Source:SMM

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.
 

Key Words:  zinc 

Price

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1# Silver ingots(99.99%)
May.24
3509.0
18.0
(0.52%)
2# Silver ingots(99.95%)
May.24
3494.0
18.0
(0.52%)
3# Silver ingots(99.90%)
May.24
3479.0
18.0
(0.52%)
Gold(99.99%)
May.24
288.8
2.3
(0.79%)
Gold(99.95%)
May.24
288.5
2.0
(0.70%)

SMM Daily Review - 2011/1/10 Zinc Market

SMM Insight 08:42:04AM Jan 11, 2012 Source:SMM

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.
 

Key Words:  zinc