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SMM Daily Review - 2011/9/22 Zinc Market
Sep 23,2011 09:41CST
price review forecast
Source:SMM
SHFE three-month zinc contract prices opened lower at RMB 16,090/mt, plummeting to a new low for this year at RMB 15,400/mt in the morning session.

SHAGNHAI, Sept. 23 (SMM) -- SHFE three-month zinc contract prices opened lower at RMB 16,090/mt, plummeting to a new low for this year at RMB 15,400/mt in the morning session. Prices rallied later the day but met resistance at the RMB 16,000/mt level, fluctuating between RMB 15,900-16,000/mt during the day. Finally, SHFE three-month zinc contract prices closed at RMB 15,855/mt, down RMB 465/mt, or down 2.85%. Trading volumes increased by nearly 10,000 lots to 397,524 los, and total positions increased by 21,836 lots to 210,332 lots.

In domestic spot markets, mainstream traded prices of #0 zinc were between RMB 15,950-16,000/mt, with discounts between negative RMB 0-10/mt against SHFE 1111 zinc contract prices. #1 zinc was traded between RMB 15,900-15,950/mt. Downstream increased purchases as zinc prices fell, but goods supply available was low as smelters were holding goods.
 

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