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SMM Daily Review - 2011/8/26 Zinc Market
Aug 29,2011 10:21CST
price review forecast
Source:SMM
Last Friday, SHFE 1111 zinc contract prices opened higher at RMB 17,155/mt in the morning session, tracking LME zinc prices overnight,

SHAGNHAI, Aug. 29 (SMM) -- Last Friday, SHFE 1111 zinc contract prices opened higher at RMB 17,155/mt in the morning session, tracking LME zinc prices overnight, and plunged to RMB 16,950/mt at noon along with falling LME zinc prices. As a large number of shorts left the market with profit-taking, SHFE three-month zinc contract prices gained back previous losses to close at RMB 17,090/mt, up RMB 30/mt. Trading volumes decreased by 150,000 lots to 414,012 lots, and total positions decreased by 10,144 lots to 280,594 lots.

In domestic spot markets, #0 zinc was traded between RMB 16,850-16,900/mt in the morning session before SHFE zinc prices fell, with spot discounts narrowing to negative RMB 70-80/mt against SHFE 1110 zinc contract prices along with falling SHFE zinc prices. Spot prices were firm between RMB 16,800-16,820/mt. #1 zinc was traded between RMB 16,750-16,780/mt. Downstream buying interest was low ahead of the weekend and due to falling SHFE zinc prices, leaving transactions quiet. Offers rose to RMB 16,850-16,900/mt in the afternoon, pushed up by SHFE zinc prices, but transactions were quiet.
 

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