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SMM Daily Review - 2012/4/13 Zinc Market
Apr 16,2012 09:22CST
smm insight
Source:SMM
Last Friday, SHFE three-month zinc contract prices opened higher at RMB 15,695/mt, boosted by LME zinc prices overnight.

SHANGHAI, Apr. 16 (SMM) -- Last Friday, SHFE three-month zinc contract prices opened higher at RMB 15,695/mt, boosted by LME zinc prices overnight. As China's GDP growth was 8.1%, much lower than expected 8.4%, the Shanghai Composite Index plummeted, pushing down SHFE three-month zinc contract prices to fall and move between RMB 15,550-15,650/mt in the afternoon. Finally, SHFE three-month zinc contract prices closed at RMB 15,565/mt, up RMB 55/mt. Trading volumes decreased by 10,000 lots to 146,686 lots, and total position decreased by 248 lots to 176,150 lots.

In domestic spot markets, discounts of #0 zinc were RMB 260/mt in the morning session and narrowed to RMB 240/mt, with traded prices between RMB 15,350-15,400/mt. #1 zinc was traded between RMB 15,300-15,320/mt. The market lacked confidence as SHFE zinc prices fell, combined with tight goods supply available in the market ahead of the delivery date, the overall transaction did not improve.
 

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