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SMM Daily Review - 2011/11/25 Zinc Market
Nov 28,2011 09:21CST
smm insight
Source:SMM
Last Friday, SHFE three-month zinc contract prices opened lower at RMB 14,870/mt and dipped to RMB 14,770/mt, rallying to the moving average as a large number of investors entered the market.

SHAGNHAI, Nov. 28 (SMM) -- Last Friday, SHFE three-month zinc contract prices opened lower at RMB 14,870/mt and dipped to RMB 14,770/mt, rallying to the moving average as a large number of investors entered the market. Boosted by the Shanghai Composite Index, SHFE three-month zinc contract prices gained back previous losses and rallied to RMB 15,000/mt level. In the afternoon, as the Shanghai Composite Index fell slightly, SHFE three-month zinc contract price fell below the moving average to close at RMB 14,835/mt, down RMB 65/mt. Trading volumes decreased by 240,000 lots to 247,562 lots, and total position decreased by 10,256 lots to 203,540 lots.

In domestic spot markets, #0 zinc was traded between RMB 14,900-14,950/mt, with premiums of RMB 40-50/mt against SHFE 1202 zinc contract prices. #1 zinc was traded between RMB 14,850-14,900/mt. Zinc prices were firm despite negative economic news, but downstream buying interest was low due to pessimism.
 

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