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SMM Daily Review - 2011/9/29 Zinc Market
Sep 30,2011 09:16CST
price review forecast
Source:SMM
On Thursday, SHFE three-month zinc contract prices opened lower at RMB 14,130/mt, a new low for the year.

SHAGNHAI, Sept. 30 (SMM) -- On Thursday, SHFE three-month zinc contract prices opened lower at RMB 14,130/mt, a new low for the year, then rallied tracking LME zinc prices overnight to close at RMB 14,685/mt, down RMB 260/mt, or down 1.74%. Trading volumes decreased by over 20,000 lots to 525,820 lots, and total positions decreased by 17,440 lots to 197,216 lots.

In domestic spot markets, #0 zinc was traded between RMB 14,500-14,550/mt, with premiums of RMB 0-50/mt against SHFE 1112 zinc contract prices. #1 was traded between RMB 14,450-14,500/mt. Downstream buyers were actively purchasing at lower prices. Spot prices were close to SHFE 1112 zinc contract prices in the afternoon as SHFE zinc prices rose, rising to RMB 14,600/mt. Downstream buyers were building stocks ahead of the National Day holiday, leaving transactions brisk.
 

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