SMM Zinc Market Daily Review (2013-1-4)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2013-1-4)

Price Review & Forecast 09:08:36AM Jan 05, 2013 Source:SMM

SHANGHAI, Jan. 5 (SMM) - LME zinc prices overnight fell sharply after initially surging. SHFE three-month zinc contract prices started the day higher at RMB 15,540/mt, falling after touching RMB 15,620/mt in the morning trading, and then moving below the moving averages. The Shanghai Composite continued to rebound in the afternoon, and LME zinc prices pared some previous losses, but due to strong short momentum, SHFE three-month zinc contract prices lacked upward momentum, fluctuating around RMB 15,520/mt, and dipping to RMB 15,490/mt. Finally, SHFE three-month zinc contract prices finally closed at RMB 15,540/mt, up RMB 30/mt. Total position decreased by 10,556 lots to 81,138 lots.

SHFE zinc prices inched down after initially surging. Discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 300-320/mt, with traded prices between RMB 15,220-15,250/mt. #1 zinc prices were RMB 15,170-15,180/mt. Smelters still lacked interest to move goods, with prices for some major brands firm. Some arbitrage traders released goods modestly due to narrowing spot discounts, but downstream buying interest was low, keeping overall transactions muted.

 

SMM Zinc Market Daily Review (2013-1-4)

Price Review & Forecast 09:08:36AM Jan 05, 2013 Source:SMM

SHANGHAI, Jan. 5 (SMM) - LME zinc prices overnight fell sharply after initially surging. SHFE three-month zinc contract prices started the day higher at RMB 15,540/mt, falling after touching RMB 15,620/mt in the morning trading, and then moving below the moving averages. The Shanghai Composite continued to rebound in the afternoon, and LME zinc prices pared some previous losses, but due to strong short momentum, SHFE three-month zinc contract prices lacked upward momentum, fluctuating around RMB 15,520/mt, and dipping to RMB 15,490/mt. Finally, SHFE three-month zinc contract prices finally closed at RMB 15,540/mt, up RMB 30/mt. Total position decreased by 10,556 lots to 81,138 lots.

SHFE zinc prices inched down after initially surging. Discounts of #0 zinc against SHFE three-month zinc contract prices were between RMB 300-320/mt, with traded prices between RMB 15,220-15,250/mt. #1 zinc prices were RMB 15,170-15,180/mt. Smelters still lacked interest to move goods, with prices for some major brands firm. Some arbitrage traders released goods modestly due to narrowing spot discounts, but downstream buying interest was low, keeping overall transactions muted.