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SMM Daily Review - 2012/3/23 Zinc Market
Mar 26,2012 09:07CST
smm insight
Source:SMM
Last Friday, SHFE three-month zinc contract prices opened lower at RMB 15,570/mt below the 60-day moving average, and dipped to RMB 15,500/mt in the morning session.

SHANGHAI, Mar. 26 (SMM) -- Last Friday, SHFE three-month zinc contract prices opened lower at RMB 15,570/mt below the 60-day moving average, and dipped to RMB 15,500/mt in the morning session. As large number of buyers entered the market, SHFE three-month zinc contract prices struggled around the moving average and moved between RMB 15,550-15,580/mt. At the end of trading, SHFE three-month zinc contract prices rallied to close at RMB 15,650/mt, down RMB 30/mt.

In domestic spot markets, discounts of #0 zinc were between RMB 220-240, and held around RMB 240/mt at noon, with traded prices between RMB 15,300-15,350/mt, and #1 zinc was traded between RMB 15,250-15,300/mt. SHFE zinc prices stabilized at noon, and downstream buying interest was strong.
 

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