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SMM Daily Review - 2011/12/28 Zinc Market
Dec 29,2011 08:52CST
smm insight
Source:SMM
On Tuesday, SHFE three-month zinc contract prices opened at RMB 14,710/mt, dipping to RMB 14,635/mt in the morning session.

SHAGNHAI, Dec. 29 (SMM) -- On Tuesday, SHFE three-month zinc contract prices opened at RMB 14,710/mt, dipping to RMB 14,635/mt in the morning session, and touched RMB 14,795/mt as large numbers of shorts left the market with profit-taking. In the afternoon, some longs left the market, allowing SHFE three-month zinc contract prices to fall below the moving average and closed at RMB 14,755/mt, up RMB 40/mt. Trading volumes decreased by over 50,000 lots to 190,918 lots, and total position decreased by 9,194 lots to 227,400 lots.

In domestic spot markets, spot discounts were negative RMB 130/mt against SHFE 1203 zinc contract prices in the morning session, and expanded to RMB 150-170/mt in the afternoon. #0 zinc was traded between RMB 14,550-14,600/mt, while discounts of imported zinc remained between negative RMB 180-200/mt, and #1 zinc was traded between RMB 14,500-14,550/mt. Smelters were actively moving goods due to cash flow problems, with some high-end brands quoted as low as mainstream traded prices, but transactions were still muted.

 

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