SMM Daily Review - 2012/5/16 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2012/5/16 Zinc Market

SMM Insight 09:42:56AM May 17, 2012 Source:SMM

SHANGHAI, May 17 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened higher at RMB 14,980/mt and touched an intraday high at RMB 15,065/mt in the morning session, and moved between RMB 15,000-15,050/mt around the moving average. As the US dollar index surged in the midday, SHFE three-month zinc contract prices plunged and finally closed at RMB 14,860/mt, down RMB 80/mt or 0.54%. Trading volumes were 112,424 lots, and total position increased by 5,128 lots to 172,690 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 50-60/mt, with traded prices between RMB 14,930-14,970/mt. #1 zinc prices were between RMB 14,920-14,950/mt. Some market players were receiving goods during the delivery period, while traders were unwilling to purchase due to low discounts, and downstream buying interest was low since they had built stocks and due to low orders, leaving the overall transactions quiet.
 

Key Words:  zinc 

SMM Daily Review - 2012/5/16 Zinc Market

SMM Insight 09:42:56AM May 17, 2012 Source:SMM

SHANGHAI, May 17 (SMM) -- On Wednesday, SHFE three-month zinc contract prices opened higher at RMB 14,980/mt and touched an intraday high at RMB 15,065/mt in the morning session, and moved between RMB 15,000-15,050/mt around the moving average. As the US dollar index surged in the midday, SHFE three-month zinc contract prices plunged and finally closed at RMB 14,860/mt, down RMB 80/mt or 0.54%. Trading volumes were 112,424 lots, and total position increased by 5,128 lots to 172,690 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 50-60/mt, with traded prices between RMB 14,930-14,970/mt. #1 zinc prices were between RMB 14,920-14,950/mt. Some market players were receiving goods during the delivery period, while traders were unwilling to purchase due to low discounts, and downstream buying interest was low since they had built stocks and due to low orders, leaving the overall transactions quiet.
 

Key Words:  zinc