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SMM Morning Review - 2010/1/4 Zinc Market
SHANGHAI, Jan. 4 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
November Average
|
2,235
|
-27
|
51,978
|
243,077
|
438,267
|
|
Dec. 31st
|
2,575
|
-31
|
54,451
|
228,484
|
488,050
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Dec. 16th
|
18,390
|
18,370
|
18,371
|
1:6.8280
|
|
Dec. 31st
|
20,805
|
20,805
|
19,480
|
1:6.8282
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Dec. 16th
|
18,700
|
18,680
|
18,684
|
18,100
|
|
Dec. 31st
|
21,195
|
21,005
|
19,362
|
20,325
|
Summary
In Shanghai market, #0 zinc was traded at RMB 20,300-20,350/mt, and #1 zinc was traded at RMB 20,250/mt on the last trading day of 2009. SHFE zinc prices remained strong, but spot market was lukewarm. Downstream consumers reduced purchase volumes at higher prices and preferred to stay out of the market due to the withdrawal of investors after profit-taking in the short term despite of their optimistic market outlook.
As to futures market, SHFE zinc prices opened high and moved higher on December 31st, with SHFE three-month contract zinc prices closing at a record high of RMB 21,375/mt, while positions dropped slightly due to profit-taking by investors.
The Ministry of Finance and the Ministry of Commerce jointly issued the circular on adjustment of car trade-in subsidy standard, raising subsidies from RMB 3,000-6,000 to RMB 5,000-18,000, and market players believe this move will help support production and sales of automobile to continue to increase significantly in 2010. The Institute for Supply Management-Chicago released on December 30th that the Chicago business climate index in December rose to 60 from November levels of 56.1, while previous forecast was 55.5, and the business climate index has risen for three consecutive months, indicating that the economy is recovering strongly, with clear signs of increase. Market rumors report that domestic stock index futures will be launched recently, driving up indicators in Shanghai and Shenzhen stock index, and boosting futures market as a result.
SMM predicts SHFE three-month contract zinc prices will move in the RMB 21,000-21,400/mt range today.
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