[Zn] SMM Morning Review - 2009/8/17 Zinc Market-Shanghai Metals Market

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[Zn] SMM Morning Review - 2009/8/17 Zinc Market

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

SHANGHAI, Aug. 17 (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. 14th        
1,830
-27
44,836
217,847
432,200

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. 14th            
15,600
14,880
13,996
1:6.8328
 

 
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. 14th       
15,020
15,135
13,746
14,850

Summary

On Friday, Shanghai #0 zinc was traded at RMB 14,850/mt, while offers were relatively higher for delivery brands; #1 zinc was traded at RMB 14,800/mt, and market supply decreased, and struggles between short and long positions intensified, and the wait-and-see attitude dominated downstream consumers. Guangdong #0 zinc was traded at RMB 14,650-14,700/mt, #1 zinc and imported zinc were traded at RMB 14,550-14,650/mt, discounts have expanded with plunging SHFE zinc prices, and downstream purchasing interest was low, leading to limited trading volumes.

As to futures market, SHFE zinc prices moved in the high level, and SHFE zinc three-month contract prices dropped by 1.46% to RMB 15,155/mt negatively affected by SHFE copper prices and stock market, and positions narrowed. On August 13th, both Germany and France announced their GDP in 2Q experienced slight growth, helping increase market confidence in economic recovery in euro zone, as well as support metal prices. However, domestic demand in zinc spot market remained weak, so SHFE zinc prices are expected to fluctuate 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 - 2009/8/17 Zinc Market

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

SHANGHAI, Aug. 17 (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. 14th        
1,830
-27
44,836
217,847
432,200

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. 14th            
15,600
14,880
13,996
1:6.8328
 

 
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. 14th       
15,020
15,135
13,746
14,850

Summary

On Friday, Shanghai #0 zinc was traded at RMB 14,850/mt, while offers were relatively higher for delivery brands; #1 zinc was traded at RMB 14,800/mt, and market supply decreased, and struggles between short and long positions intensified, and the wait-and-see attitude dominated downstream consumers. Guangdong #0 zinc was traded at RMB 14,650-14,700/mt, #1 zinc and imported zinc were traded at RMB 14,550-14,650/mt, discounts have expanded with plunging SHFE zinc prices, and downstream purchasing interest was low, leading to limited trading volumes.

As to futures market, SHFE zinc prices moved in the high level, and SHFE zinc three-month contract prices dropped by 1.46% to RMB 15,155/mt negatively affected by SHFE copper prices and stock market, and positions narrowed. On August 13th, both Germany and France announced their GDP in 2Q experienced slight growth, helping increase market confidence in economic recovery in euro zone, as well as support metal prices. However, domestic demand in zinc spot market remained weak, so SHFE zinc prices are expected to fluctuate 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