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SMM Morning Review - 2010/1/22 Zinc Market
SHANGHAI, Jan. 22 (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. 21st
|
2,404
|
-23
|
52,192
|
210,134
|
490,100
|
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. 21st
|
20,300
|
20,225
|
20,351
|
1:6.8272
|
|
|
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. 21st
|
20,730
|
20,560
|
20,663
|
19,975
|
Summary
On Thursday, spot discounts of #0 zinc were RMB 450/mt against SHFE 1004 zinc contract in Shanghai market, with most deals made between RMB 19,950-20,000/mt; #1 zinc was traded in the RMB 19,900-19,950/mt range. Although Chinese government released that the gross domestic product (GDP) rose by 8.7% YoY, and the Consumer Price Index (CPI) in December 2009 increased by 1.9% YoY, and the positive economic data intensified market speculations with regard to macro economic control in 2010, including previous rumors about lending curbs. In this context, China's stock markets and futures prices showed weak performance yesterday, weighing on spot market, and overall trading sentiment was lackluster as a result, with a wait-and-see sentiment dominating downstream consumers.
China Customs released China's zinc output and zinc imports and exports in December 2009 on January 21st, and China's zinc output was as high as 462 kt during December 2009, up continuously on a monthly basis, heavily weighing on spot zinc market. SMM predicts spot zinc prices will fall to a range of RMB 19,800-19,900/mt today.
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