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SMM Morning Review - 2010/1/12 Zinc Market
SHANGHAI, Jan. 12 (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. 11th
|
2,570
|
-32
|
63,323
|
231,730
|
491,325
|
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. 11th
|
21,035
|
20,980
|
19,817
|
1:6.8275
|
|
|
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. 11th
|
21,550
|
21,410
|
19,463
|
20,975
|
Summary
Although SHFE zinc prices were strong on the first trading day of this week, downstream consumers still stayed out of the market. #0 zinc was traded at RMB 20,950-21,000/mt, and #1 zinc was traded at RMB 20,900-20,950/mt in Shanghai market. A limited number of smelters were still reluctant to sell goods, resulting in lukewarm trading sentiment.
As to futures market, LME zinc prices advanced slightly by USD 15/mt to USD 2,570/mt supported by a weaker US dollar and unexpected strong China imports. Although market players were optimistic with regard to higher metal demand in 2010, market fundamentals remained weak, and LME zinc inventories continued to grow to nearly 500 kt. In addition, market players adopted a wait-and-see attitude toward to adjustment of weights of commodity indexes, helping limit the upward movement in zinc prices to some extent. SMM predicts SHFE three-month contract zinc prices will fluctuate in the RMB 21,400-21,800/mt range today.
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