<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">行情回顾：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-char-indent-count: 2.0" align=left><A name=OLE_LINK2><SPAN lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">27</SPAN></A><SPAN style="mso-bookmark: OLE_LINK2"><SPAN style="FONT-SIZE: 11pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">日，沪锌、沪铝皆窄幅震荡，双双收出小星线。沪锌主力合约开盘报<SPAN lang=EN-US>18700</SPAN>，收于<SPAN lang=EN-US>18695</SPAN>，盘中最高<SPAN lang=EN-US>18800</SPAN>，最低<SPAN lang=EN-US>18580</SPAN>。日成交量为<SPAN lang=EN-US>360482</SPAN>手，持仓量<SPAN lang=EN-US>248122</SPAN>手。沪铝主力合约开盘价为<SPAN lang=EN-US>16670</SPAN>，收报于<SPAN lang=EN-US>16695</SPAN>。日成交量<SPAN lang=EN-US>19612</SPAN>手，持仓量<SPAN lang=EN-US>96116</SPAN>手。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></SPAN></P><SPAN style="mso-bookmark: OLE_LINK2"></SPAN>
<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">现货市场：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-char-indent-count: 2.0" align=left><SPAN style="FONT-SIZE: 11pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">上海现货<SPAN lang=EN-US>0#</SPAN>锌报<SPAN lang=EN-US>18100-18200</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，上涨<SPAN lang=EN-US>50</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>630-</SPAN>贴水<SPAN lang=EN-US>530</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；<SPAN lang=EN-US>1#</SPAN>锌报<SPAN lang=EN-US>18050-18150</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，涨<SPAN lang=EN-US>50</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>680-</SPAN>贴水<SPAN lang=EN-US>580</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US>A00 </SPAN>铝报在<SPAN lang=EN-US>16190-16210</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，保持平稳，贴水<SPAN lang=EN-US>200-</SPAN>贴水<SPAN lang=EN-US>180</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">消息面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-char-indent-count: 2.0" align=left><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><SPAN style="mso-spacerun: yes"> </SPAN>1.</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">日本</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月精炼锌出口同比减少</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0.5%</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">至</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7,135</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨。据东京</SPAN><?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="27" Month="12" Year="2010"><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">27</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">日</SPAN></st1:chsdate><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">消息，日本财务省周一公布的数据显示，日本</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月精炼锌出口较上年同期减少</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0.5%</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">，至</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7,135</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨，为连续第</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">个月减少，但跌幅远低于</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月的下滑</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">18%</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">。台湾为最大的出口目的地，约占总出口量的</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">27%</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">，其次为中国的</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">17%</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">。</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-char-indent-count: 2.0" align=left><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">印度</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4-11</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月铝产量为</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">106</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">万吨，同比增加。印度矿业部周一公布的数据显示，印度</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4-11</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月期间共计生产</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">106</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">万吨铝，高于去年同期的</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">984,238</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨。在此期间，铜产量为</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">428,871</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨，低于去年同期的</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">462,138</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨。数据并显示，</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4-11</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月期间印度锌产量从去年同期的</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">401,408</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨上升至</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">480,034</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨；而铅产量从</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40,529</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨降至</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">36,418</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨。</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></P>
<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">技术面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-char-indent-count: 2.0" align=left><SPAN style="FONT-SIZE: 11pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt">沪锌主力合约收出十字星，表明市场多空力量比较均衡。从均线来看，各均线逐渐走平，缺乏方向信号。沪铝主力合约收出小阳星，重归近期震荡区间，整理态势未变。从均线来看，<SPAN lang=EN-US>5</SPAN>日、<SPAN lang=EN-US>10</SPAN>日均线逐渐有上挑迹象，是值得关注的积极信号。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">观点总结：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-bidi-font-size: 22.0pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.1pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-char-indent-count: 1.63" align=left><SPAN style="FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">基本面上，供求过剩的局面尚未改变。资金面上，沪铝主力合约前</SPAN><SPAN lang=EN-US style="mso-font-kerning: 0pt"><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">名净空单缩减至</SPAN><SPAN lang=EN-US style="mso-font-kerning: 0pt"><FONT face="Times New Roman">8000</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">手以内；沪锌前</SPAN><SPAN lang=EN-US style="mso-font-kerning: 0pt"><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">名净空单减少至</SPAN><SPAN lang=EN-US style="mso-font-kerning: 0pt"><FONT face="Times New Roman">1.4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">万手以下。技术显示，市场走势延续震荡，缺乏方向信号。操作建议：沪锌日内交易；沪铝暂时观望。</SPAN><SPAN lang=EN-US style="mso-f
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