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SMM Morning Review - 2010/1/29 Zinc Market
SHANGHAI, Jan. 29 (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. 28th
|
2,150
|
-24.5
|
63,590
|
207,215
|
496,650
|
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. 28th
|
18,075
|
18,245
|
19,564
|
1:6.8271
|
|
|
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. 28th
|
18,335
|
18,480
|
20,417
|
18,000
|
Summary
On Thursday, base metals prices slumped, with SHFE zinc prices falling to its downside limit. #0 zinc was traded at RMB 18,000/mt, and #1 zinc was traded at RMB 17,950/mt in the Shanghai market. The depressing market confidence dampened spot trading sentiment, with limited buyers making purchases at lower prices. The US stocks closed at a record low for 2010 on January 28th due to market concerns over the European debt and credit ratings, Obama's proposal on financial regulation, as well as China’s move to tighten money supply.
LME metals prices remained sluggish on January 28th, with LME copper prices falling below USD 7,000/mt. LME zinc prices closed at USD 2,150/mt, getting support from the previous low level of USD 2,130/mt. SMM predicts SHFE three-month contract zinc prices will fluctuate in the RMB 18,000-18,500/mt range today.
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.
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