Metals News
SMM Daily Review - 2011/1/12 Zinc Market
smm insight

SHAGNHAI, Jan. 13 (SMM) -- On Thursday, SHFE three-month zinc contract prices touched RMB 14,955/mt in the morning session. According to data from the NBS, CPI was up 4.1% in December, while PPI rose 1.7%, causing speculations that China’s Central Bank will further cut deposit reserve ratio. In the afternoon, SHFE three-month zinc contract price finally closed at RMB 15,185/mt, up RMB 155/mt or 1.03%. Trading volumes increased by nearly 20,000 lots to 178,202 lots, and total position decreased by 20,984 lots to 166,672 lots.

In domestic spot markets, spot discounts remained at RMB 230/mt as SHFE zinc prices fell, and expanded to RMB 260-280/mt along with rising SHFE zinc prices. #0 zinc was traded between RMB 14,800-14,850/mt, with transactions made at the low end. #1 zinc was traded between RMB 14,750-14,800/mt. imported zinc prices were RMB 300/mt below. Goods supply available in the market was contributed by traders, with smelters reducing goods supply. Downstream buying interest was low, and the overall transactions were quiet.

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