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SMM Daily Review - 2012/7/24 Zinc Market
Jul 25,2012 09:33CST
price review forecast
Source:SMM
On Tuesday, SHFE 1211 zinc contract prices opened at RMB 14,440/mt and dipped to RMB 14,420/mt as large numbers of shorts sold off goods.

SHANGHAI, Jul. 25 (SMM) -- On Tuesday, SHFE 1211 zinc contract prices opened at RMB 14,440/mt and dipped to RMB 14,420/mt as large numbers of shorts sold off goods, and then stopped falling to move between RMB 14,500-14,560/mt. HSBC released China’s PMI during July was 49.5, the highest in five months, while manufacturing output index was 51.2, up from the 49.3 during June, and a record high in nine months. As a result, SHFE 1211 zinc contract prices climbed slightly, and rose further in the afternoon to touch RMB 14,585/mt due to the strong Shanghai Composite Index. Finally, SHFE 1211 zinc contract prices closed at RMB 14,560/mt, up RMB 10/mt or 0.07%. Trading volumes decreased by 34,598 lots to 117,440 lots, and total position decreased by 5,918 lots to 155,824 lots.

In domestic spot markets, discounts of #0 zinc were around RMB 30/mt in the morning session, with traded prices between RMB 14,480-14,490/mt. As SHFE zinc prices rose, discounts of #0 zinc expanded to RMB 50/mt, with traded prices between RMB 14,500-14,520/mt. Imported zinc was traded around RMB 14,450/mt, and the market preferred to buy #0 zinc. #1 zinc was traded around RMB 14,450/mt. Investors had replenished stocks at lower prices the previous trading day, and they took a wait-and-see attitude as prices rebounded yesterday, but traders continued to move goods, with transactions muted.
 

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