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SMM Zinc Market Daily Review (2012/10/10)
Oct 11,2012 09:19CST
price review forecast
Source:SMM
On Wednesday, SHFE 1301 zinc contract prices opened at RMB 15,460/mt as LME zinc prices overnight closed down.

SHANGHAI, Oct. 11 (SMM) -- On Wednesday, SHFE 1301 zinc contract prices opened at RMB 15,460/mt as LME zinc prices overnight closed down, and once dipped below the 30-day moving average to RMB 15,200/mt, and then fluctuated around the moving averages. Although longs entered the market, SHFE 1301 zinc contract prices failed to rally to RMB 15,500/mt since LME zinc prices continued to fall. As the Shanghai Composite Index rose in the afternoon, SHFE 1301 zinc contract prices edged up and finally closed at RMB 15,410/mt, down RMB 170/mt or 1.09%.

In domestic spot markets, discounts of #0 zinc against SHFE three-month zinc contract prices narrowed to RMB 230-250/mt, with traded prices between RMB 15,130-15,170/mt. #1 zinc prices were between RMB 15,100-15,120/mt. Downstream buyers increased purchases as zinc prices plunged, and traders released goods due to narrowing spot discounts, keeping goods supply ample, and with transactions improving.

 

SHFE zinc prices
LME zinc prices

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