CIJENE OBOJENIH METALA NA BURZI U LONDONU

LONDONSKA BURZA METALA: SLUŽBENE CIJENE 22.01.1997. LME OFFICIAL PRICES - JAN 22 CASH 3 MTHS 15 MTHS 27 MTHS SETT COPPER 2516.5/17.5 2264.0/65.0 2045.0/55.0 1975.0/85.0 2517.5 (STG EQV) 1518.21 1368.16 TIN 5975/5980 6030/6031 6180/6190 5980 LEAD 705.00/6.00 716.00/7.00 687.00/2.00 706 (STG EQV) 425.76 433.1 ZINC 1122.0/23.0 1142.5/43.0 1168.0/73.0 1168.0/73.0 1123 ALU.HG 1604.5/05.0 1634.0/34.5 1653.0/58.0 1642.0/47.0 1605 NICKEL 7150/7155 7265/7270 7550/7570 7745/7765 7155 ALALLOY 1520.0/25.0 1526.0/28.0 1555.0/75.0 1525 SETTLEMENT RATES - GBP 1.6582 DEM 1.6416 JPY 118.85 Volatilities jump in LME zinc options, volume low LONDON, Jan 22 (Reuter) - Volatilaties in LME zinc options have held firm after spiking higher last week, but recent turnover has been lacklustre with many players reluctant to write more options, dealers said. "The vols have gone up on supply and demand -- there's no supply and there's good demand for upside calls...there are no natural grantors," one said. Since three month zinc prices zoomed higher last week, adding over 10 percent to the price in a few days, implied nearby volatilities have pushed up by five to seven percentage points. February at-the-money volatilities were quoted on Wednesday morning at 20.00/23.00 percent, slightly higher than Tuesday. "Initially the front month vols went and now today we're seeing the curve move farther out as well," a dealer said, adding that there had been some offers around on Wednesday for March and April dates at 22 percent. LME data show 825 lots (20,625 tonnes) of February calls and 1,266 lots (31,650 tonnes) of March calls were traded on Tuesday, with the bulk at $1,150 and $1,175 strikes. Several dealers said most market makers had been long volatility ahead of the move higher and were reluctant to let go of material they were holding. "Volatilities were at historic lows five or six months ago and they felt they didn't have anything to lose," a dealer said, adding that speculative customers and some producers wrote the options. Third quarter volatility was seen at 19.0/21.0 percent and fourth quarter at 17.5/19.5 percent. In aluminium, short-covering was seen on Wednesday on $1,650 February calls, which have been traded up to 24 percent volatility, dealers said. "That is a particularly sensitive strike and I think one dealer went around this morning and covered some of the shorts," one said. At-the-money February volatility was quoted at 19.0/22.0 percent and March at 18.0/21.0 percent. Copper volatilities, which have been sliding since Christmas on heavy granting, are off their lows seen late last week, dealers said. February implied volatilities were quoted at 20.0/23.0 percent, little changed on the week and a point or so off the lows, while February was at 21.5/23.5 percent. The vols may have seen their nadir for the year, several dealers said. "I think they've reached a level where they're worth having. There is movement in the market so you can get your time decay back," one said. Another dealer noted that volatilities were back where they were last summer before a spike took prices up more than $200 in a few days at the end of August and beginning of September. Upside calls have been the focus recently, with most strikes from $2,200 to $2,400. FRANCUSKI METALI - 21. siječnja 1997. BAKAR FFR/100 KG 1443 KOSITAR FFR/100 KG 3868 CINK EL. FFR/100 KG 670 ALUMINIJ FFR/100 KG 995 SREB. C3E FFR/KG 791/315 PLATINA FFR/KG 52200/87900 PALADIJ FFR/KG 17600/26000 IRIDIJ FFR/KG 12900/35400 KOBALT FFR/100 KG 33799 ŽIVA FFR/100 KG 5200 NJEMAČKI METALI - 21. siječnja 1997. - u DEM po 100 kg GERMAN ELEKTROLITIK 415.26/426/33 OLOVO U KABELIMA 99.94% 131.25/132.25 221659 MET jan 97