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SMM Daily Review - 2011/8/4 Zinc Market
Aug 5,2011 08:55CST
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Source:SMM
On Thursday, SHFE 1110 zinc contract prices opened lower at RMB 18,280/mt due to weak LME zinc prices overnight, with prices touching RMB 18,380/mt but falling later.

SHAGNHAI, Aug. 5 (SMM) -- On Thursday, SHFE 1110 zinc contract prices opened lower at RMB 18,280/mt due to weak LME zinc prices overnight, with prices touching RMB 18,380/mt but falling later. SHFE 1110 zinc contract prices mostly moved between RMB 18,200-18,300/mt during the day, and finally closed at RMB 18,250/mt, down RMB 165/mt, or down 0.9%, below the 30-day moving average. Trading volumes increased by over 20,000 lots to 300,368 lots, and total positions decreased by 5,620 lots to 235,400 lots, and with the longs struggling with the shorts.

SHFE 1110 zinc contract prices opened lower, meeting resistance at the 30-day moving average, and spot zinc prices fell in response. #0 zinc was traded between RMB 17,880-17,830/mt, with discounts of negative RMB 380-400/mt against SHFE 1110 zinc contract prices. #1 zinc was traded around RMB 17,850/mt. Downstream buyers began to stand on the sidelines, keeping transactions weaker. Smelters were holding onto their goods, while arbitragers were actively moving goods, so goods supply available was sufficient.

 

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