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SMM Daily Review - 2012/3/9 Zinc Market
Mar 12,2012 09:33CST
smm insight
Source:SMM
Last Friday, SHFE three-month zinc contract prices dipped to the intraday low at RMB 15,765/mt after opening, and rallied to the moving average following LME zinc prices.

SHANGHAI, Mar. 12 (SMM) -- Last Friday, SHFE three-month zinc contract prices dipped to the intraday low at RMB 15,765/mt after opening, and rallied to the moving average following LME zinc prices. As China's CPI rose 3.2% in February, in line with market speculations, risk appetite improved. SHFE three-month zinc contract prices edged up to touch RMB 15,905/mt, and finally closed at RMB 15,890/mt, up RMB 170/mt. Trading volumes decreased by 23,704 lots to 148,042 lots, and total position decreased by 6,400 lots to 153,338 lots.

In domestic spot markets, discounts of #0 zinc remained between RMB 230-250/mt against SHFE 1206 zinc contract prices, with traded prices around RMB 15,500/mt. Transactions were mostly made in the morning session. #1 zinc was traded around RMB 15,450/mt. Downstream buying interest was strong initially, but reduced purchases after SHFE zinc prices rose.
 

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