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SMM Morning Review - 2010/1/5 Zinc Market
SHANGHAI, Jan. 5 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
Dec. Average
|
2,413
|
-35
|
58,321
|
230,995
|
462,634
|
|
Jan. 4th
|
2,580
|
-32
|
67,779
|
229,154
|
489,125
|
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
|
|
Jan. 4th
|
21,100
|
20,935
|
19,517
|
1:6.8281
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Dec. 16th
|
18,700
|
18,680
|
18,684
|
18,100
|
|
Jan. 4th
|
21,240
|
21,300
|
19,384
|
20,650
|
Summary
Trading sentiment was not brisk on the first trading day of 2010. In Shanghai market, #0 zinc was traded at RMB 20,650/mt and #1 zinc was traded at RMB 20,600-20,630/mt. In the afternoon, offers at RMB 20,800-20,900/mt were heard in the market along with rising SHFE zinc prices, with limited trading volumes reported. However, downstream purchasing interest and inquiries were low, with higher wait-and-see sentiment. Meanwhile, smelters also held low interest in moving goods, limiting market supply. The neutral market sentiment will continue.
As to futures market, SHFE zinc prices lost some previous gains due to plunged A-share stock market yesterday, generating the wait-and-see sentiment of market players, while LME zinc prices fell from USD 2,550/mt, and LME zinc inventories were close to 500 kt, exerting downward pressure on LME zinc prices. SMM predicts SHFE three-month contract zinc prices will fluctuate in the RMB 21,000-21,500/mt range today, and spot market will be as brisk as yesterday.
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