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SMM Daily Review - 2012/6/28 Zinc Market
Jun 29,2012 09:07CST
price review forecast
Source:SMM
On Thursday, SHFE 1210 zinc contract prices opened at RMB 14,300/mt and fluctuated between RMB 14,240-14,310/mt in the morning session.

SHANGHAI, Jun. 29 (SMM) -- On Thursday, SHFE 1210 zinc contract prices opened at RMB 14,300/mt and fluctuated between RMB 14,240-14,310/mt in the morning session. In the midday, SHFE zinc prices rose slightly as the US dollar index plummeted. In the afternoon, as large numbers of shorts left the market with profit-taking, SHFE 1210 zinc contract prices rose further to touch an intraday high at RMB 14,385/mt, but fell later to close at RMB 14350/mt, up RMB 135/mt or 0.95%. Trading volumes decreased by 64,128 lots to 207,200 lots, and total position decreased by 9,036 lots to 213,348 lots.

In domestic spot markets, discounts of #0 zinc were between RMB 20-40/mt against SHFE 1210 zinc contract prices, with traded prices between RMB 14,230-14,250/mt. As SHFE zinc prices rose later the day, discounts of #0 zinc were around RMB 40/mt, with traded prices between RMB 14,260-14,280/mt. #1 zinc was quoted between RMB 14,230-14,250/mt. Downstream buying interest was low due to cash flow problems at the end of the month, and traders continued to move goods, but the overall transactions were muted.
 

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