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SMM Daily Review - 2011/8/10 Zinc Market
Aug 11,2011 09:24CST
price review forecast
Source:SMM
On Wednesday, SHFE three-month zinc contract prices opened higher at RMB 16,650/mt, tracking LME zinc prices overnight,

SHAGNHAI, Aug. 11 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened higher at RMB 16,650/mt, tracking LME zinc prices overnight, and generally fluctuated between RMB 16,500-16,700/mt during the day, with prices finally closing at RMB 16,710/mt, up RMB 575/mt, or up 3.56%. Trading volumes decreased significantly by 300,000 lots to 398,622 lots, and total positions decreased by 4,880 lots to 191,648 lots. SHFE 1111 zinc contract prices became more actively traded, with total positions increasing by 21,112 lots to 136,324 lots.

As SHFE 1110 zinc contract prices opened higher and fluctuated around the moving average, spot transactions were brisk. #0 zinc was traded between RMB 16,400-16,450/mt, with some brands traded as high as RMB 16,500/mt, with discounts of RMB 200-250/mt against SHFE 1110 zinc contract prices. #1 zinc was traded between RMB 16,380-16,400/mt. Downstream buyers were active due to rebounding zinc prices, keeping transactions brisk. As goods supply was tight in south China since smelters in Guangxi province were affected by power restrictions, spot prices surged to RMB 16,600-16,700/mt. Besides traders and downstream buyers, transactions were also made among smelters.

 

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