Metals News
SMM Daily Review - 2009/12/11 Zinc Market
smm insight
13:51PM
Source:SMM

SHANGHAI, Dec. 14 (SMM) -- SHFE zinc prices opened high and moved around RMB 18,150/mt steadily in the morning, but fell slightly to RMB 18,080/mt at noon negatively affected by copper prices. However, SHFE zinc prices advanced in the afternoon and closed at RMB 18,420/mt supported by large amounts of purchase volumes, with a growth rate of 1.6%, and positions increased by more than 12,500 lots. Technically, the low-end zinc prices climbed slightly.

In spot market, SMM lowered zinc prices by RMB 100/mt to a range of RMB 17,650-17,750/mt last Friday, and deals were mainly made around RMB 17,700/mt in the morning. Downstream consumers stood out of market due to constant reductions in zinc prices. However, suppliers still kept offers firm. SHFE zinc prices advanced in the afternoon, driving up offers significantly. SHFE spot-month contract zinc prices have stabilized at RMB 17,950/mt, and approached to RMB 18,050/mt. Spot zinc prices still held upward momentum in the short term, and will remain firm even if no deals are made.

 

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