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SMM Morning Review - 2010/1/28 Zinc Market
SHANGHAI, Jan. 28 (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. 27th
|
2,210
|
-24.5
|
66,077
|
210,378
|
496,200
|
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. 27th
|
19,015
|
19,030
|
19,830
|
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. 27th
|
19,270
|
19,305
|
20,474
|
18,950
|
Summary
On Wednesday, SHFE zinc prices opened low and then fluctuated, continuing to show the weakest performance. SHFE three-month contract zinc prices climbed to RMB 19,645/mt, but closed at RMB 19,450/mt finally, down 1.62%, with positions down more than 20,000 lots. Technically, SHFE zinc prices got support at 60-day moving average line, but all technical indicators were weak, showing signs of declining.
Spot zinc market remained neutral, and #0 zinc was traded between RMB 18,900-19,000/mt in the Shanghai market, with discounts at RMB 550/mt against SHFE 1005 zinc contract, while #1 zinc was traded in the RMB 18,850-18,950/mt range, and the wait-and-see sentiment still dominated downstream consumers.
The US new home sales dropped by 7.6% unexpectedly during December, while the previous forecast was a growth of 2.8%, generating market concerns over demand, and the US dollar index advanced, weighing on commodity prices, and LME zinc prices experienced a decline of 4.95% on January 27th as a result. SMM predicts SHFE zinc prices will decline significantly today, with SHFE 1005 zinc contract prices expected to face difficult to get support at RMB 19,000/mt.
To contact the writer on this report: monicagao@smm.cn
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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
For queries, please contact Lemon Zhao at lemonzhao@smm.cn
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