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SMM Daily Review - 2012/5/18 Zinc Market
May 21,2012 09:17CST
smm insight
Source:SMM
Last Friday, SHFE three-month zinc contract prices opened at RMB 14,910/mt and moved between RMB 14,850-14,950/mt around the moving average during the day, once touching the 5-day moving average.

SHANGHAI, May 21 (SMM) -- Last Friday, SHFE three-month zinc contract prices opened at RMB 14,910/mt and moved between RMB 14,850-14,950/mt around the moving average during the day, once touching the 5-day moving average. As LME zinc prices plummeted due to rising US dollar index, SHFE three-month zinc contract prices slid after opening and hit a new low at RMB 14,785/mt, with prices paring some losses and finally closing at RMB 14,855/mt, down RMB 85/mt. Trading volumes decreased by over 8,532 lots to 95,034 lots, and total position decreased by 2,060 lots to 165,960 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices narrowed were RMB 60/mt, with traded prices between RMB 14,830-14,850/mt. Spot prices were very firm. #1 zinc prices were around RMB 14,820/mt. Traders replenished stocks at lower prices after delivery, and downstream buying interest was strong, causing transactions to improve.
 

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