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SMM Morning Review - 2010/1/11 Zinc Market
SHANGHAI, Jan. 11 (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. 8th
|
2,555
|
-31
|
68,478
|
231,527
|
490,750
|
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. 8th
|
20,700
|
20,715
|
19,734
|
1:6.8279
|
|
|
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. 8th
|
20,995
|
21,055
|
19,455
|
20,625
|
Summary
Last Friday, SHFE zinc prices fluctuated lower, and limited SHFE zinc contracts fell to daily limits, generating market concerns and resulting in the withdrawal of large amounts of speculative funds. However, SHFE zinc prices narrowed its declines, with prices ending at RMB 21,210/mt, down 3.5%. Positions dropped by 6,306 lots. The latest SHFE zinc inventories increased by 50 kt due mainly to the growing reservoir capacity and SHFE zinc prices are expected to fall in the short term. As SHFE zinc prices plunged, offers for spot zinc ingot were mixed in Shanghai market today, and #0 zinc was mainly traded in the RMB 20,600-20,650/mt range, and #1 zinc was traded around RMB 20,600/mt. The lower zinc prices improved trading sentiment, and trading volumes increased as a result.
As to macro policy, China's Central Bank raised the yield for three-month government treasury bills to1.3684% within 19 weeks, and said the focus of the work in 2010 is to control the bank leading, which triggers market concerns over possible declines in cash flow, and downward pressure on metals prices increased gradually as a result. SMM predicts SHFE three-month contract zinc prices will consolidate around RMB 21,500/mt today.
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