SMM Daily Review - 2012/6/15 Zinc Market

SMM Insight 09:31:51AM Jun 18, 2012 Source:SMM

SHANGHAI, Jun. 18 (SMM) -- Last Friday, SHFE 1209 zinc contract prices opened slightly higher and surged to the 20-day moving average, fluctuating between RMB 14,850-14,870/mt. Large numbers of shorts left the market at the end of trading, pushing up SHFE 1209 zinc contract prices to close at RMB 14,910/mt, up RMB 120/mt or 0.81%. Trading volumes decreased by 6,382 lots to 61,700 lots, and total position decreased by 8,040 lots to 157992 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were RMB 80-120/mt, with traded prices between RMB 14,740-14,760/mt. #1 zinc was quoted between RMB 14,700-14,740/mt. Spot zinc prices rose along with SHFE zinc prices, and traders were moving goods actively at higher prices, with downstream buyers purchasing modestly. But due to a wait-and-see sentiment prior to Greece’s general election, most transactions were made among traders, leaving transactions modest.
 

SMM Daily Review - 2012/6/15 Zinc Market

SMM Insight 09:31:51AM Jun 18, 2012 Source:SMM

SHANGHAI, Jun. 18 (SMM) -- Last Friday, SHFE 1209 zinc contract prices opened slightly higher and surged to the 20-day moving average, fluctuating between RMB 14,850-14,870/mt. Large numbers of shorts left the market at the end of trading, pushing up SHFE 1209 zinc contract prices to close at RMB 14,910/mt, up RMB 120/mt or 0.81%. Trading volumes decreased by 6,382 lots to 61,700 lots, and total position decreased by 8,040 lots to 157992 lots.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices were RMB 80-120/mt, with traded prices between RMB 14,740-14,760/mt. #1 zinc was quoted between RMB 14,700-14,740/mt. Spot zinc prices rose along with SHFE zinc prices, and traders were moving goods actively at higher prices, with downstream buyers purchasing modestly. But due to a wait-and-see sentiment prior to Greece’s general election, most transactions were made among traders, leaving transactions modest.