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SMM Morning Review - 2010/1/14 Zinc Market
SHANGHAI, Jan. 14 (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. 13th
|
2,515
|
-31
|
59,905
|
231,655
|
489,225
|
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. 13th
|
20,100
|
20,160
|
19,841
|
1:6.8273
|
|
|
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. 13th
|
20,290
|
20,395
|
19,474
|
20,225
|
Summary
On Wednesday, SHFE zinc prices opened low negatively affected by China's central bank's move to curb money supply, and positions declined significantly by 12,650 lots. SHFE three-month contract zinc prices fell further at noon, and closed at RMB 20,450/mt finally, down 4.3%, while spot zinc market improved slightly. Although offers for different brands were different, both #0 zinc and #1 zinc were traded in the RMB 20,200-20,250/mt range. Inquiries were up, but market supply was mainly from traders, since smelters were unwilling to move goods due to lower prices.
As the Euro advanced to one-month high against the US dollar, boosting metals prices, and LME zinc prices rebounded to above USD 2,500/mt as a result. Strong LME zinc prices helped improve market confidence when market players were concerned that whether or not zinc prices could stand firm at RMB 20,000/mt. SMM predicts SHFE three-month contract zinc prices will rebound to RMB 21,000/mt today.
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