SMM Daily Review - 2011/1/11 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2011/1/11 Zinc Market

SMM Insight 08:55:06AM Jan 12, 2012 Source:SMM

SHAGNHAI, Jan. 12 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened higher at RMB 15,065/mt, boosted by LME zinc prices overnight, fluctuating around the moving average during the day. At the end of trading, SHFE three-month zinc contract prices rose slightly to close at RMB 15,080/mt, up RMB 240/mt or 1.62%, meeting resistance at the 30-day moving average. Trading volumes decreased by nearly 20,000 lots to 154,246 lots, and total position decreased by 14,830 lots to 187,656 lots.

In domestic spot markets, spot discounts expanded to RMB 220-250/mt as SHFE three-month zinc contract prices open higher. #0 zinc was traded between RMB 14,800-14,850/mt, with transactions made at the low end. #1 zinc was traded between RMB 14,750-14,800/mt. The market barely accepted higher prices, and downstream buying interest was low, keeping the overall transaction muted.
 

 

Key Words:  zinc  

SMM Daily Review - 2011/1/11 Zinc Market

SMM Insight 08:55:06AM Jan 12, 2012 Source:SMM

SHAGNHAI, Jan. 12 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened higher at RMB 15,065/mt, boosted by LME zinc prices overnight, fluctuating around the moving average during the day. At the end of trading, SHFE three-month zinc contract prices rose slightly to close at RMB 15,080/mt, up RMB 240/mt or 1.62%, meeting resistance at the 30-day moving average. Trading volumes decreased by nearly 20,000 lots to 154,246 lots, and total position decreased by 14,830 lots to 187,656 lots.

In domestic spot markets, spot discounts expanded to RMB 220-250/mt as SHFE three-month zinc contract prices open higher. #0 zinc was traded between RMB 14,800-14,850/mt, with transactions made at the low end. #1 zinc was traded between RMB 14,750-14,800/mt. The market barely accepted higher prices, and downstream buying interest was low, keeping the overall transaction muted.
 

 

Key Words:  zinc