[Zn] SMM Morning Review - 2009/8/10 Zinc Market-Shanghai Metals Market

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[Zn] SMM Morning Review - 2009/8/10 Zinc Market

SMM Insight 01:16:23PM Dec 07, 2009 Source:SMM

SHANGHAI, Aug. 10 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
July Average
1,606
-25.5
46,010
215,749
358,340
Aug. 7th        
1,890
-26.5
38,394
213,247
433,525

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
July 15th
13,050
13,005
13,188
1:6.8328
Aug. 7th            
14,700
14,760
13,891
1:6.8316
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
July 15th
13,220
13,110
13,351
13,025
Aug. 7th       
14,780
14,900
13,722
14,675

Summary

On Thursday, Shanghai #0 zinc was traded at RMB 14,650-14,700/mt, #1 zinc and imported zinc were traded at RMB 14,600/mt, as SHFE zinc prices fell back, spot trading sentiment improved and downstream consumers increased their purchases. Guangdong #0 zinc was traded at RMB 14,500-14,550/mt, spot discounts remained high, and market sentiment was weak, leading limited trading volumes.

As to futures market, overnight LME zinc prices dropped, and SHFE zinc prices opened low and went lower on Friday. SHFE zinc three-month contract prices fluctuated below 5-day average line, and then moved downward below RMB 15,000/mt, with decreased positions. The Bank of England announced on Thursday that they would invest (USD 84 billion) GBP 50 billion more to purchase bonds, making the total amount of GBP 175 billion. The Bank of England increased asset purchases, weighing on pounds and supporting US dollar to go stronger. In the mean time, market players were concerned about the upcoming non-farm employment from the US tonight. SHFE zinc prices fell from high level, and will test the support level in the short term. 

 

Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040

[Zn] SMM Morning Review - 2009/8/10 Zinc Market

SMM Insight 01:16:23PM Dec 07, 2009 Source:SMM

SHANGHAI, Aug. 10 (SMM) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
July Average
1,606
-25.5
46,010
215,749
358,340
Aug. 7th        
1,890
-26.5
38,394
213,247
433,525

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
July 15th
13,050
13,005
13,188
1:6.8328
Aug. 7th            
14,700
14,760
13,891
1:6.8316
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
July 15th
13,220
13,110
13,351
13,025
Aug. 7th       
14,780
14,900
13,722
14,675

Summary

On Thursday, Shanghai #0 zinc was traded at RMB 14,650-14,700/mt, #1 zinc and imported zinc were traded at RMB 14,600/mt, as SHFE zinc prices fell back, spot trading sentiment improved and downstream consumers increased their purchases. Guangdong #0 zinc was traded at RMB 14,500-14,550/mt, spot discounts remained high, and market sentiment was weak, leading limited trading volumes.

As to futures market, overnight LME zinc prices dropped, and SHFE zinc prices opened low and went lower on Friday. SHFE zinc three-month contract prices fluctuated below 5-day average line, and then moved downward below RMB 15,000/mt, with decreased positions. The Bank of England announced on Thursday that they would invest (USD 84 billion) GBP 50 billion more to purchase bonds, making the total amount of GBP 175 billion. The Bank of England increased asset purchases, weighing on pounds and supporting US dollar to go stronger. In the mean time, market players were concerned about the upcoming non-farm employment from the US tonight. SHFE zinc prices fell from high level, and will test the support level in the short term. 

 

Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040