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SMM Morning Review - 2010/1/8 Zinc Market
SHANGHAI, Jan. 8 (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. 7th
|
2,593
|
-32
|
69,451
|
227,935
|
490,100
|
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. 7th
|
21,300
|
21,650
|
19,699
|
1:6.8276
|
|
|
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. 7th
|
21,525
|
21,815
|
19,440
|
21,250
|
Summary
On Thursday, all major SHFE zinc contracts fluctuated widely, and first opened high and moved higher, but later plunged, with SHFE 1005 zinc contract even experiencing a fluctuation range of nearly RMB 2,000/mt, and SHFE three-month zinc prices closed down at RMB 21,725/mt. Transactions were very bullish, and positions declined significantly by nearly 15,000 lots, indicating the withdrawal of funds after profit-taking.
In spot markets, #0 zinc was traded at RMB 21,250/mt in Shanghai market, but offers were mixed, with offers for selected brands heard between RMB 21,300-21,500/mt, and with low interest in moving cargos. #1 zinc was traded at RMB 21,200/mt, and downstream consumers were cautious due to wild fluctuations in SHFE zinc prices, resulting in neutral trading sentiment.
As to macro policies, China's central bank surprised the market on Thursday by raising the auction yield of its three-month bills for the first time since mid-August, indicating the moderately loose monetary policy will withdraw from the market gradually. Central bank’s move shows a clear sign of macro control with increasing expectations of inflation, since funds remain loose in the market, and it is not difficult for central bank to tighten the liquidity.
SMM predicts SHFE zinc prices will undergo corrections today, with prices expected to move in the RMB 21,200-21,600/mt range.
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