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SMM Morning Review - 2010/1/19 Zinc Market
SHANGHAI, Jan. 19 (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. 18th
|
2,575
|
-27
|
42,152
|
230,432
|
488,125
|
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. 18th
|
20,190
|
20,065
|
20,069
|
1:6.8272
|
|
|
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. 18th
|
20,550
|
20,415
|
20,415
|
19,955
|
Summary
On the first trading day of this week, #0 zinc was traded between RMB 19,930-19,980/mt, with almost no deals made above RMB 20,000/mt, and #1 zinc was traded at RMB 19,900-19,950/mt in Shanghai market. Transactions were moderate. However, SHFE zinc prices showed bullish performance yesterday, with major SHFE zinc contracts moving higher following SHFE copper prices. Trading sentiment was brisk on SHFE zinc market, with positions down significantly.
SHFE 1004 zinc contract opened at RMB 20,290/mt, and closed at RMB 20,550/mt, up RMB 5/mt compared with the previous trading day, with price fluctuation limit of 0.02%, and with the highest level and lowest level at RMB 20,575/mt and RMB 20,235/mt, respectively. Trading volumes of SHFE 1004 zinc contract reported 282,500 lots, and positions were 119,920 lots, with trading value reaching RMB 28.84 billion. SHFE spot-month zinc contract prices closed at RMB 20,190/mt.
Technically, SHFE three-month contract zinc prices moved below 5-day moving average line, showing signs of declining in the future, with prices expected to move around RMB 20,000/mt in the near term.
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