SMM Zinc Market Daily Review (2013-1-22)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2013-1-22)

Price Review & Forecast 09:28:45AM Jan 23, 2013 Source:SMM

SHANGHAI, Jan. 23 (SMM) - SHFE 1304 zinc contract prices opened flat at RMB 15,385/mt, and soared immediately following opening, but met resistance at the 20-day moving average, struggling around RMB 15,425/mt. Bank of Japan agreed to further loosen monetary policies, pulling up LME zinc prices. As a result, SHFE 1304 zinc contract prices rebounded in the afternoon and touched RMB 15,500/mt, and closed at RMB 15,485/mt, up RMB 100/mt, or 0.65%. Trading volumes increased by 9,438 lots, to 57,412 lots.

SHFE three-month zinc contract prices inched up. Discounts of #0 zinc against SHFE three-month zinc contract prices expanded to RMB 260-270/mt, with traded prices between RMB 15,140-15,150/mt and edging up to RMB 15,160-15,170/mt later in the day. #1 zinc prices were around RMB 15,120/mt. Traders lacked buying interest, while downstream demand was also soft, keeping transactions quiet.
 

Price

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#1 Refined Cu
Oct.22
47170.0
-20.0
(-0.04%)
Standard-Grade Copper
Oct.22
47160.0
-20.0
(-0.04%)
High-Grade Copper
Oct.22
47180.0
-15.0
(-0.03%)
Guixi copper
Oct.22
47190.0
-10.0
(-0.02%)
Low-quality copper
Oct.22
47130.0
-10.0
(-0.02%)

SMM Zinc Market Daily Review (2013-1-22)

Price Review & Forecast 09:28:45AM Jan 23, 2013 Source:SMM

SHANGHAI, Jan. 23 (SMM) - SHFE 1304 zinc contract prices opened flat at RMB 15,385/mt, and soared immediately following opening, but met resistance at the 20-day moving average, struggling around RMB 15,425/mt. Bank of Japan agreed to further loosen monetary policies, pulling up LME zinc prices. As a result, SHFE 1304 zinc contract prices rebounded in the afternoon and touched RMB 15,500/mt, and closed at RMB 15,485/mt, up RMB 100/mt, or 0.65%. Trading volumes increased by 9,438 lots, to 57,412 lots.

SHFE three-month zinc contract prices inched up. Discounts of #0 zinc against SHFE three-month zinc contract prices expanded to RMB 260-270/mt, with traded prices between RMB 15,140-15,150/mt and edging up to RMB 15,160-15,170/mt later in the day. #1 zinc prices were around RMB 15,120/mt. Traders lacked buying interest, while downstream demand was also soft, keeping transactions quiet.