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SMM Daily Review - 2011/7/22 Zinc Market

iconJul 25, 2011 08:44
Source:SMM
Last Friday, SHFE 1110 zinc contract prices opened lower at RMB 18,580/mt but moved higher between RMB 18,600-18,700/mt during the day.

SHAGNHAI, Jul. 25 (SMM) -- Last Friday, SHFE 1110 zinc contract prices opened lower at RMB 18,580/mt but moved higher between RMB 18,600-18,700/mt during the day. Boosted by LME zinc prices, SHFE 1110 zinc contract prices rose to close at RMB 18,790/mt at the end of trading, up RMB 180/mt, or up 0.97%. Trading volumes increased by 4,000 lots to 208,182 lots, and total positions increased by 17,250 lots to 214,236 lots.

In spot markets, SHFE 1110 zinc contract prices opened lower but moved higher, and #0 zinc was traded between RMB 18,180-18,230/mt, with some brands traded as high as RMB 18,300-18,350/mt but limitedly. Spot discounts against SHFE 1110 zinc contract prices were around negative RMB 400/mt. #1 zinc was traded between negative RMB 18,150-18,170/mt, with discounts narrowing. Cargo holders were aggressively moving goods, while downstream buyers were cautious, keeping transactions quiet.

 

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