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SMM Daily Review - 2011/11/10 Zinc Market
Nov 11,2011 09:11CST
smm insight
Source:SMM
On Thursday, SHFE three-month zinc contract prices opened lower at RMB 15,085/mt, and then plummeted to RMB 14,715/mt.

SHAGNHAI, Nov. 11 (SMM) -- On Thursday, SHFE three-month zinc contract prices opened lower at RMB 15,085/mt, and then plummeted to RMB 14,715/mt, fluctuating between RMB 14,510-14,780/mt. Trading volumes increased noticeably, with prices finally closing at RMB 14,510/mt, down RMB 930/mt. Trading volumes surged by nearly 30,000 lots to 548,888 lots, and total position increased by 46,670 lots to 238,056 lots.

In domestic spot markets, #0 zinc was traded between RMB 14,700-14,750/mt, causing downstream buyers to purchase actively. As a result, traded prices of #0 zinc were pushed up to as high as RMB 14,900/mt. Mainstream traded prices of #1 zinc were between RMB 14,700-14,800/mt. Smelters were holding goods as zinc prices fell, but traders were aggressively moving goods due to expanding premiums while downstream buying interest was strong, keeping transactions brisk.
 

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