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SMM Daily Review - 2010/1/6 Zinc Market

iconJan 7, 2010 00:00

SHANGHAI, Jan. 7 (SMM) -- SHFE zinc prices outperformed LME zinc prices, but showed a weaker performance than copper and aluminum prices. SHFE three-month contract zinc prices advanced to RMB 21,935/mt, heading for RMB 22,000/mt, with a growth of 1.2%. Positions dropped by 6,476 lots, with total positions of SHFE three-month zinc contract remaining at 160,000 lots. SHFE zinc forward contracts have stood above RMB 22,000/mt, while SHFE zinc spot-month contract closed at RMB 21,200/mt. SHFE zinc prices were on an upward track, with indicators reflecting strong optimistic sentiment.

In spot markets, zinc prices stood above RMB 21,000/mt, while prices for #0 zinc were RMB 21,100/mt. Most deals were made by traders, while smelters kept their offers firm, and market supply was limited, and zinc prices will continue to climb today.

 

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