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SMM Morning Review - 2010/2/4 Zinc Market
SHANGHAI, Feb. 4 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
Jan. Average
|
2,445
|
-26
|
57,463
|
222,379
|
490,804
|
|
Feb. 3rd
|
2,100
|
-11
|
50,623
|
207,269
|
498,900
|
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
|
|
Feb. 3rd
|
17,580
|
17,245
|
18,742
|
1:6.8269
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Jan. 18th
|
20,550
|
20,415
|
20,415
|
19,955
|
|
Feb. 3rd
|
17,985
|
17,635
|
20,151
|
17,300
|
Summary
On Wednesday, SHFE zinc prices rebounded strongly following rising domestic A-shares market, with SHFE three-month contract zinc prices closing at RMB 18,160/mt, up 3.8%. Trading sentiment was brisk, and positions increased slightly, with increases mainly long positions. Although zinc prices have underwent corrections for several days, opening the possibility of zinc price increases, zinc prices will likely continue to fluctuate in the short term before macro policies and economic trends become clear.
Australia and Norway decided to maintain benchmark interest rates unchanged, eroding market expectations with regard to interest rate hikes of non-US currency, and the US dollar advanced to 79.4 as a result. LME zinc prices closed at USD 2,100/mt on February 3rd, down 2.46%. LME zinc prices got strong support between USD 2,080-2,100/mt, with trading volumes and positions up. SMM predicts SHFE three-month contract zinc prices will fluctuate in the RMB 17,400-17,800/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.
For queries, please contact Lemon Zhao at lemonzhao@smm.cn
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