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SMM Daily Review - 2011/8/9 Zinc Market
Aug 10,2011 09:20CST
price review forecast
Source:SMM
On Tuesday, SHFE 1110 zinc contract prices fell by the daily limit after opening due to plunged LME zinc prices overnight

SHAGNHAI, Aug. 10 (SMM) -- On Tuesday, SHFE 1110 zinc contract prices fell by the daily limit after opening due to plunged LME zinc prices overnight, and generally moved between RMB 15,700-15,800/mt later in the morning session. As the Shanghai Stock Exchange composite index and LME zinc prices rose at noon, SHFE 1110 zinc contract prices climbed to RMB 16,200-16,300/mt, with prices closing at RMB 16,400/mt. Trading volumes increased by over 70,000 lots to 691,112 lots, while total positions decreased by 11,558 lots to 196,528 lots.

In domestic spot markets, #0 zinc was traded between RMB 15,650-15,700/mt, with discounts of negative RMB 200-230/mt against SHFE three-month zinc contract prices. In tandem with rising SHFE zinc prices, traded prices of #0 zinc rose to RMB 15,950-16,000/mt, with discounts remaining unchanged. #1 zinc was traded between RMB 15,900-15,950/mt. Downstream buyers began to stand on the sidelines due to continuing falling zinc prices, leaving transactions quit. As SHFE zinc prices rose further in the afternoon, spot prices were up to RMB 16,000-16,100/mt, causing downstream buyers to increase purchases and causing transactions to improve.

 

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