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Home / Metal News / SMM Daily Review - 2012/5/8 Zinc Market

SMM Daily Review - 2012/5/8 Zinc Market

May 9, 2012 09:40

On Tuesday, SHFE three-month zinc contract prices opened at RMB 15,500/mt and fluctuated around the moving average during the day.

SHANGHAI, May 9 (SMM) -- On Tuesday, SHFE three-month zinc contract prices opened at RMB 15,500/mt and fluctuated around the moving average during the day. Both longs and shorts entered the market, but with short momentum stronger. In the afternoon, SHFE three-month zinc contract prices plunged, dragged down by LME zinc prices, and finally closed at RMB 15,465/mt, up RMB 5/mt. Trading volumes decreased by over 10,000 lots to 71,460 lots, and total position increased by 6,308 lots to 135,484 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 150-170/mt, with traded prices between RMB 15,300-15,350/mt. #1 zinc prices were between RMB 15,250-15,280/mt. Prices for #1 zinc were firm due to limited imports and supply, and downstream buyers were cautious.

zinc

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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