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SMM Daily Review - 2011/9/2 Zinc Market
Sep 5,2011 09:08CST
price review forecast
Source:SMM
Last Friday, SHFE 1111 zinc contract prices opened lower below the 5-day moving average at RMB 17,180/mt, and then dipped to RMB 16,985/mt tracking LME zinc prices.

SHAGNHAI, Sept. 5 (SMM) -- Last Friday, SHFE 1111 zinc contract prices opened lower below the 5-day moving average at RMB 17,180/mt, and then dipped to RMB 16,985/mt tracking LME zinc prices. Finally, SHFE three-month zinc contract prices closed at RMB 17,065/mt, down RMB 195/mt, or down 1.13%. Trading volumes increased by 10,000 lots to 345,056 lots, and total positions increased by 13,662 lots to 274,980 lots.

In domestic spot markets, #0 zinc was traded around RMB 16,950/mt in the morning session, with prices tumbling to RMB 16,900/mt along with SHFE zinc prices, with discounts of negative RMB 80/mt against SHFE 1110 zinc contract prices. #1 zinc was traded around RMB 16,850/mt. Downstream buying interest was low ahead of the weekend, leaving transactions quiet.
 

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