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SMM Daily Review - 2011/11/23 Zinc Market
Nov 24,2011 09:13CST
smm insight
Source:SMM
On Wednesday, SHFE three-month zinc contract prices opened slightly higher at RMB 15,205/mt, touching RMB 15,290/mt in the morning session, but then inched down later the day.

SHAGNHAI, Nov. 24 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened slightly higher at RMB 15,205/mt, touching RMB 15,290/mt in the morning session, but then inched down later the day. HSBC China released the manufacturing PMI for October, with the figure falling below 50, causing market concerns to improve. As a result, SHFE three-month zinc contract prices fell further. Although a large number of longs entered the market in the afternoon, SHFE three-month zinc contract prices continued to fall to close at RMB 15,065/mt, down RMB 75/mt. Trading volumes decreased by nearly 30,000 lots to 238,198 lots, and total position increased by 8,534 lots to 186,852 lots.

In domestic spot markets, #0 zinc was traded between RMB 15,150-15,170/mt, with discounts of negative RMB 0-20/mt against SHFE 1202 zinc contract prices, and with transactions quiet at the high end. Imported prices were merely quoted RMB 20/mt below SHFE 1202 zinc contract prices, while #1 zinc prices stayed firm at RMB 15,150/mt due to tight supply. HSBC’s China Manufacturing PMI for October unexpectedly fell, keeping the market cautious and the transactions muted.
 

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