SMM Daily Review - 2012/2/3 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2012/2/3 Zinc Market

SMM Insight 09:20:25AM Feb 06, 2012 Source:SMM

SHANGHAI, Feb. 6 (SMM) -- SHFE three-month zinc contract prices climbed to near RMB 16,000/mt due to entrance of long investors after fluctuating between RMB 15,800-15,850/mt briefly in the morning session, but later prices faced strong short selling pressures at RMB 16,000/mt, and prices mainly struggling around RMB 16,000/mt in the midday. Long buying again pushed up SHFE zinc prices in the afternoon session, with prices even hitting RMB 16,065/mt. As most short investors exited the market after profit-taking at the end of trading, SHFE three-month zinc contract prices lost previous gains and finally closed at RMB 15,955/mt, up RMB 80/mt. Trading volumes fell by 40,000 lots to 232,962 lots, while positions decreased by 3,586 lots to 163,972 lots.

In the spot market, as SHFE three-month zinc contract prices climbed to near RMB 16,000/mt, domestic #0 zinc was traded at discounts between RMB 320-350/mt over SHFE three-month zinc contract prices, between RMB 15,600-15,650/mt. Imported zinc was quoted at discounts of RMB 420-450/mt, while quotations for #1 zinc were flat with imported zinc. Widening discounts improved trader interest in arbitrage activity, and most deals in the spot market were made by traders, with downstream buying very limited.

 

Key Words:  zinc Zn  zinc price 

SMM Daily Review - 2012/2/3 Zinc Market

SMM Insight 09:20:25AM Feb 06, 2012 Source:SMM

SHANGHAI, Feb. 6 (SMM) -- SHFE three-month zinc contract prices climbed to near RMB 16,000/mt due to entrance of long investors after fluctuating between RMB 15,800-15,850/mt briefly in the morning session, but later prices faced strong short selling pressures at RMB 16,000/mt, and prices mainly struggling around RMB 16,000/mt in the midday. Long buying again pushed up SHFE zinc prices in the afternoon session, with prices even hitting RMB 16,065/mt. As most short investors exited the market after profit-taking at the end of trading, SHFE three-month zinc contract prices lost previous gains and finally closed at RMB 15,955/mt, up RMB 80/mt. Trading volumes fell by 40,000 lots to 232,962 lots, while positions decreased by 3,586 lots to 163,972 lots.

In the spot market, as SHFE three-month zinc contract prices climbed to near RMB 16,000/mt, domestic #0 zinc was traded at discounts between RMB 320-350/mt over SHFE three-month zinc contract prices, between RMB 15,600-15,650/mt. Imported zinc was quoted at discounts of RMB 420-450/mt, while quotations for #1 zinc were flat with imported zinc. Widening discounts improved trader interest in arbitrage activity, and most deals in the spot market were made by traders, with downstream buying very limited.

 

Key Words:  zinc Zn  zinc price