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SMM Daily Review - 2012/5/22 Zinc Market
May 23,2012 09:18CST
smm insight
Source:SMM
On Tuesday, SHFE 1208 zinc contract prices opened higher at RMB 15,005/mt and moved around RMB 15,000/mt after opening.

SHANGHAI, May 23 (SMM) -- On Tuesday, SHFE 1208 zinc contract prices opened higher at RMB 15,005/mt and moved around RMB 15,000/mt after opening, and plunged to an intraday low at RMB 14,935/mt at noon as the US dollar index surged to 81. in the afternoon, SHFE three-month zinc contract prices rallied to RMB 14,970/mt, and finally closed at RMB 14,945/mt, down RMB 50/mt or 0.33%. Trading volumes decreased by 37,966 lots to 35,654 lots, and total position decreased by 2,994 lots to 158,028 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were RMB 80/mt, with traded prices between RMB 14,900-14,920/mt. Spot discounts narrowed to RMB 30/mt at noon as SHFE zinc prices fell, but actual quotes were firm around RMB 14,900/mt. #1 zinc prices were between RMB 14,880-14,900/mt. Downstream buyers lacked confidence whether prices would stand at RMB 15,000/mt, keeping transactions quiet.

 

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