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SMM Morning Review - 2010/1/6 Zinc Market
SHANGHAI, Jan. 6 (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. 5th
|
2,575
|
-33
|
64,146
|
230,817
|
489,100
|
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. 5th
|
21,060
|
21,015
|
19,544
|
1:6.8278
|
|
|
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. 5th
|
21,435
|
21,285
|
19,402
|
20,650
|
Summary
On Tuesday, #0 zinc was traded at RMB 20,650/mt and #1 zinc was traded at RMB 20,630/mt in Shanghai market. SHFE zinc prices fell slightly in the morning, but spot zinc prices remained stable. Overall trading sentiment was lackluster, as downstream buying interest was low. Currently, market supply of #1 zinc was limited, and optimism on future prices of some well-known brands remained unchanged.
As to futures market, SHFE zinc prices slipped in the morning due to profit-taking, but moved higher steadily at noon positively affected by stabilized stock market, and SHFE three-month contract zinc prices closed at RMB 21,650/mt, up 0.7%. Trading sentiment was very brisk, and positions also increased further, and short-term reductions in zinc prices improved market expectations of higher SHFE zinc prices.
As to global stock markets, Dow Jones Industrial Average advanced by 1.5%, and Standard and Poor's Composite Index inched up by 1.6%, while Nasdaq Composite Index climbed by 1.73%, indicating market preference for risk-assets increased again. The manufacturing data in China, the Europe, and the US released recently expanded persistently, leaving solid support for metals prices. However, LME zinc prices showed weak performance, lacking upward momentum at USD 2,600/mt, depressing market optimism. SMM predicts SHFE three-month contract zinc prices will move in the RMB 21,500-21,800/mt range today.
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