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SMM Daily Review - 2011/11/11 Zinc Market
Nov 14,2011 09:16CST
smm insight
Source:SMM
Last Friday, SHFE three-month zinc contract prices opened at RMB 14,680/mt, and then fluctuated between RMB 14,705-14,735/mt.

SHAGNHAI, Nov. 14 (SMM) -- Last Friday, SHFE three-month zinc contract prices opened at RMB 14,680/mt, and then fluctuated between RMB 14,705-14,735/mt. As a large number of shorts left the market with profit-taking, SHFE three-month zinc contract prices edged up to RMB 14,820/mt. But dragged down by the Shanghai Composite Index, SHFE three-month zinc contract prices inched down to close at RMB 14,760/mt, up RMB 95/mt. Trading volumes decreased by 275,228 lots to 273,660 lots, and total position decreased by 38,094 lots to 199,962 lots.

In domestic spot markets, #1 zinc was traded between RMB 14,800-14,850/mt in the morning session, with premiums of RMB 70-100/mt against SHFE 1201 zinc contract prices. #1 zinc was traded between RMB 14,750-14,800/mt. Market players were cautious as downstream buyers had replenished stocks the previous day, and since SHFE zinc prices were still volatile, keeping transactions quiet.
 

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