Metals News
SMM Daily Review - 2012/2/9 Zinc Market
smm insight

SHANGHAI, Feb. 10 (SMM) -- On Thursday, SHFE three-month zinc contract prices opened at RMB 16,165/mt and fluctuated around the moving average in the morning session, touching RMB 16,300/mt at noon. As a large number of longs left the market with profit-taking, SHFE three-month zinc contract prices plunged to struggle between RMB 16,100-16,150/mt in the afternoon, with prices finally closing at RMB 16,145/mt, down RMB 10/mt. Trading volumes increased by over 3,000 lots to 169,556 lots, and positions decreased by 14,016 lots to 142,894 lots.

In domestic spot markets, spot discounts against SHFE three-month zinc contract prices were between RMB 300-330/mt in the morning, with #0 zinc traded between RMB 15,900-15,920/mt. Discounts narrowed slightly as SHFE zinc prices fell at noon. Discounts of #0 zinc were around RMB 280/mt, and discounts of #1 zinc were around RMB 450/mt, with traded prices between RMB 15,750-15,800/mt. Imported zinc prices were still RMB 500/mt lower than SHFE three-month zinc contract prices.

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