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SMM Daily Review - 2011/11/2 Zinc Market
Nov 3,2011 08:56CST
price review forecast
Source:SMM
On Wednesday, SHFE three-month zinc contract prices opened lower at RMB 15,015/mt affected by LME zinc prices overnight.

SHAGNHAI, Nov. 3 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened lower at RMB 15,015/mt affected by LME zinc prices overnight, and fluctuated between RMB 15,050-15,100/mt in the morning session. Pushed up by the Shanghai Composite Index and LME zinc prices, SHFE three-month zinc contract prices edged up to close at RMB 15,325/mt, down RMB 70/mt. Trading volumes decreased by 86,586 lots to 413,060 lots, and total positions decreased by 6,922 lots to 221,008 lots.

In domestic spot markets, #0 zinc was traded between RMB 15,100-15,150/mt, with transactions limited at the high end, and with premiums between RMB 30-50/mt against SHFE 1201 zinc contract prices. #1 zinc was traded between RMB 15,050-15,100/mt. The overall transactions were muted. Spot prices were RMB 20-50/mt lower than SHFE zinc prices in the afternoon, but the market was cautious and transactions were quiet.
 

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