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SMM Morning Review - 2010/1/20 Zinc Market
SHANGHAI, Jan. 20 (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. 19th
|
2,525
|
-21
|
78,405
|
226,496
|
487,775
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Jan. 18th
|
20,190
|
20,065
|
20,069
|
1:6.8272
|
|
Jan. 19th
|
20,580
|
20,435
|
20,283
|
1:6.8270
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Jan. 18th
|
20,550
|
20,415
|
20,415
|
19,955
|
|
Jan. 19th
|
20,950
|
20,790
|
20,596
|
20,275
|
Summary
On Tuesday, all major SHFE zinc contracts opened high, and moved higher, with trading sentiment brisk, Positions of SHFE 1005 zinc contract increased by more than 33,000 lots, and SHFE 1005 zinc contract prices closed at RMB 21,145/mt, up 2.7%, and technical indicators show SHFE three-month contract zinc prices moved around 5-day moving average line, and SMM predicts SHFE zinc prices will move narrowly around RMB 21,000/mt in the future.
However, spot market was neutral. #0 zinc was traded in the RMB 20,250-20,300/mt range, and #1 zinc was treaded around RMB 20,200/mt in Shanghai market. SHFE zinc prices fell from high levels, helping raise difficulties in spot transactions, and spot discounts were RMB 500/mt against SHFE 1004 zinc contract as a result. Both smelters and traders held high interest in moving goods, but downstream buying interest was low in anticipation of lower zinc prices below RMB 20,000/mt.
LME zinc prices bottomed out, with higher buying interest below USD 2,500/mt. Meanwhile, market players were waiting for the trade data to be released by China's Central Government on Thursday, including industrial output and other key economic indicators, and zinc prices are expected to receive support in the near term. SMM predicts traded prices of spot zinc will be around RMB 20,500/mt today.
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