[Zn] SMM Morning Review - 2009/8/26 Zinc Market-Shanghai Metals Market

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[Zn] SMM Morning Review - 2009/8/26 Zinc Market

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

SHANGHAI, Aug. 26 (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. 25th          
1,830
-28.5
37,438
217,231
433,350

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Aug. 17th            
14,315
14,285
13,948
1:6.8333
Aug. 25th             
15,040
15,060
14,675
1:6.8311
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Aug. 17th       
14,515
14,530
13,528
14,300
Aug. 25th        
15,220
15,230
14,793
14,975

Summary

On Tuesday, Shanghai #0 zinc was traded at RMB 14,950-15,000/mt, #1 zinc was traded at RMB 14,950/mt and imported zinc supply declined in the market. Spot discounts narrowed slightly, and buyers became cautious, leaving weak trading sentiment. Guangdong #0 zinc was traded at RMB 14,850/mt, #1 zinc and imported zinc were traded at RMB 14,800/mt. SHFE zinc prices dipped at noon, weighing on spot market. At present, downstream producers reported no significant increases in orders, leading to shortages of upward momentum for zinc prices.

As to futures market, LME zinc prices fluctuated, and SHFE zinc prices opened low and went lower yesterday. SHFE zinc prices experienced plummet due to plunged stock markets, but regained some losses at closing. 0912 contracts closed at RMB 15,335/mt, down 1.16%, and positions declined sharply, indicating profit-takings of investors. SHFE zinc prices performed passively and are expected to be short of upward momentum in the near future.

 

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 - 2009/8/26 Zinc Market

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

SHANGHAI, Aug. 26 (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. 25th          
1,830
-28.5
37,438
217,231
433,350

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
Aug. 17th            
14,315
14,285
13,948
1:6.8333
Aug. 25th             
15,040
15,060
14,675
1:6.8311
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
#0 Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
Aug. 17th       
14,515
14,530
13,528
14,300
Aug. 25th        
15,220
15,230
14,793
14,975

Summary

On Tuesday, Shanghai #0 zinc was traded at RMB 14,950-15,000/mt, #1 zinc was traded at RMB 14,950/mt and imported zinc supply declined in the market. Spot discounts narrowed slightly, and buyers became cautious, leaving weak trading sentiment. Guangdong #0 zinc was traded at RMB 14,850/mt, #1 zinc and imported zinc were traded at RMB 14,800/mt. SHFE zinc prices dipped at noon, weighing on spot market. At present, downstream producers reported no significant increases in orders, leading to shortages of upward momentum for zinc prices.

As to futures market, LME zinc prices fluctuated, and SHFE zinc prices opened low and went lower yesterday. SHFE zinc prices experienced plummet due to plunged stock markets, but regained some losses at closing. 0912 contracts closed at RMB 15,335/mt, down 1.16%, and positions declined sharply, indicating profit-takings of investors. SHFE zinc prices performed passively and are expected to be short of upward momentum in the near future.

 

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