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SMM Daily Review - 2011/12/14 Zinc Market
Dec 15,2011 09:08CST
smm insight
Source:SMM
On Wednesday, SHFE three-month zinc contract prices opened lower, dragged down by LME zinc prices overnight.

SHAGNHAI, Dec. 15 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened lower, dragged down by LME zinc prices overnight, and generally moved between RMB 15,100-15,200/mt around the moving average during the day. At the end of trading, SHFE three-month zinc contract prices fell to close at RMB 14,980/mt, down RMB 405/mt, or 2.63%. Trading volumes increased by 80,000 lots to 195,216 lots, and total position increased by 10,216 lots, to 152,550 lots.

In domestic spot markets, #0 zinc was traded between RMB 15,050-15,080/mt, with discounts of negative RMB 80-90/mt against SHFE 1202 zinc contract prices. Quotations for imported zinc were still low, with discounts between negative RMB 140-150/mt against SHFE 1202 zinc contract prices, with traded prices as low as RMB 15,000-15,040/mt. #1 zinc was traded between RMB 15,000-15,050/mt, with prices for imported #0 zinc even lower. Downstream buyers preferred to buy imported zinc, but were still pessimistic, leaving transactions quiet.
 

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