SMM Daily Review - 2012/2/17 Zinc Market

SMM Insight 09:15:20AM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) -- Last Friday, SHFE three-month zinc contract prices opened at RMB 15,720/mt, surging to an intraday high at RMB 15,750/mt in the morning session and then falling along with the Shanghai Composite Index. In the afternoon, a large number of longs left the market as the bailout plan for Greece will not be finally decided until this Monday, so SHFE three-month zinc contract prices plummeted to close at RMB 15,575/mt, down RMB 75/mt. Trading volumes decreased by nearly 90,000 lots to 203,254 lots, and total position increased by 18,374 lots to 178,406 lots.

In domestic spot markets, discounts of #0 zinc against SHFE 1205 zinc contract prices were between RMB 250-280/mt, with traded prices between RMB 15,350-15,400/mt, and discounts of #1 zinc were between RMB 340-350/mt, with traded prices between RMB 15,300-15,350/mt. Downstream buying interest was strong as SHFE zinc prices remained low, with transactions brisk.
 

Key Words:  zinc 

SMM Daily Review - 2012/2/17 Zinc Market

SMM Insight 09:15:20AM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) -- Last Friday, SHFE three-month zinc contract prices opened at RMB 15,720/mt, surging to an intraday high at RMB 15,750/mt in the morning session and then falling along with the Shanghai Composite Index. In the afternoon, a large number of longs left the market as the bailout plan for Greece will not be finally decided until this Monday, so SHFE three-month zinc contract prices plummeted to close at RMB 15,575/mt, down RMB 75/mt. Trading volumes decreased by nearly 90,000 lots to 203,254 lots, and total position increased by 18,374 lots to 178,406 lots.

In domestic spot markets, discounts of #0 zinc against SHFE 1205 zinc contract prices were between RMB 250-280/mt, with traded prices between RMB 15,350-15,400/mt, and discounts of #1 zinc were between RMB 340-350/mt, with traded prices between RMB 15,300-15,350/mt. Downstream buying interest was strong as SHFE zinc prices remained low, with transactions brisk.
 

Key Words:  zinc