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SMM Daily Review - 2011/7/1 Zinc Market
Jul 4,2011 08:59CST
smm insight
Source:SMM

SHAGNHAI, Jul. 4 (SMM) -- Last Friday, SHFE 1109 zinc contract prices surged to RMB 17,885/mt in the morning session, then fell to RMB 17,750-17,800/mt, mostly fluctuating around the moving average during the day. Finally, SHFE 1109 zinc contract prices closed at RMB 17,810/mt, up RMB 130/mt, or up 0.74%. A large number of longs closed positions with profit-taking. Trading volumes decreased by over 50,000 lots to 244,920 lots, and total positions decreased by 1,900 lots to 208,182 lots.

SHFE 1109 zinc contract prices rose in the morning session then fell to RMB 17,750/mt. #0 zinc was traded between RMB 17,400-17,350/mt, with traded prices of #1 zinc between RMB 17,350-17,400/mt. Transactions improved compared to Thursday but were still quiet. Spot discounts expanded to negative RMB 380-400/mt, with discounts of RMB 160-170/mt against SHFE spot-month zinc contract prices. Transactions were muted except for registered brands, with speculators active.

 

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