SMM Daily Review - 2012/5/3 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2012/5/3 Zinc Market

SMM Insight 09:07:57AM May 04, 2012 Source:SMM

SHANGHAI, May 4 (SMM) -- On Thursday, SHFE three-month zinc contract prices opened lower at RMB 15,600/mt and inched down from the moving average during the day. In the afternoon, SHFE three-month zinc contract prices found support at the 20-day moving average and finally closed at RMB 15,535/mt, down RMB 145/mt. Trading volumes decreased by nearly 20,000 lots to 41,330 lots, and total position decreased by 8,544 lots to 138,784 lots. Positions of SHFE 1208 zinc contract increased by 8,610 lots to 111,680 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 150-160/mt, with traded prices around RMB 15,450/mt. Spot prices fell to RMB 15,400/mt at noon as SHFE zinc prices plummeted. #1 zinc prices held firm around RMB 15,400/mt due to tight supply. Downstream buyers increased purchases due to falling prices, and transactions improved. 
 

Key Words:  zinc 

SMM Daily Review - 2012/5/3 Zinc Market

SMM Insight 09:07:57AM May 04, 2012 Source:SMM

SHANGHAI, May 4 (SMM) -- On Thursday, SHFE three-month zinc contract prices opened lower at RMB 15,600/mt and inched down from the moving average during the day. In the afternoon, SHFE three-month zinc contract prices found support at the 20-day moving average and finally closed at RMB 15,535/mt, down RMB 145/mt. Trading volumes decreased by nearly 20,000 lots to 41,330 lots, and total position decreased by 8,544 lots to 138,784 lots. Positions of SHFE 1208 zinc contract increased by 8,610 lots to 111,680 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 150-160/mt, with traded prices around RMB 15,450/mt. Spot prices fell to RMB 15,400/mt at noon as SHFE zinc prices plummeted. #1 zinc prices held firm around RMB 15,400/mt due to tight supply. Downstream buyers increased purchases due to falling prices, and transactions improved. 
 

Key Words:  zinc