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SMM Daily Review - 2011/8/24 Zinc Market
Aug 25,2011 09:18CST
price review forecast
Source:SMM
On Wednesday, SHFE 1111 zinc contract prices opened higher at RMB 17,035/mt due to strengthened LME zinc prices overnight, but then inched down along with LME zinc prices during the morning session

SHAGNHAI, Aug. 25 (SMM) -- On Wednesday, SHFE 1111 zinc contract prices opened higher at RMB 17,035/mt due to strengthened LME zinc prices overnight, but then inched down along with LME zinc prices during the morning session, with prices fluctuating below the moving average during the day. As the Shanghai Stock Exchange composite index resisted declines as of the midday, SHFE three-month zinc contract prices found support to fluctuate between RMB 16,800-16,900/mt, and finally closed at RMB 16,910/mt, up RMB 60/mt. Trading volumes decreased by 150,000 lots to 311,866 lots, while total positions increased by 924 lots to 260,644 lots.

SHFE three-month zinc contract prices opened higher but moved lower in the morning session. In domestic spot markets, #0 zinc was traded around RMB 16,800/mt, with discounts remaining below negative RMB 50/mt against SHFE 1110 zinc contract prices, and #1 zinc was traded around RMB 16,750/mt. Traders were standing on the sidelines due to narrow discounts, while downstream buying interest was also low at prices of RMB 17,000/mt. Cargo holders were holding prices firm, and further cut goods supply as SHFE zinc prices had been falling in the afternoon, leaving transactions muted.
 

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