Metals News
SMM Zinc Market Daily Review (2013-1-11)
price review forecast
09:09AM
Jan 14,2013
Source:SMM

SHANGHAI, Jan. 14 (SMM) - LME zinc prices last Friday plunged at the end of trading. SHFE 1304 zinc contract prices opened higher at RMB 15,580/mt. China's December PPI was up -1.9%, while CPI was up 2.5%, in line with expectations, and failing to boost market sentiment. Besides, as both LME zinc prices and the Shanghai Composite dropped, SHFE 1304 zinc contract prices fell after touching RMB 15,605/mt in the morning trading, down to RMB 15,535/mt. In the afternoon, LME zinc prices and the Shanghai Composite extended losses, and combined with mounting short momentum, SHFE 1304 zinc contract prices plummeted further to RMB 15,465/mt, and finally closed at RMB 15,455/mt, down RMB 10/mt. Total position decreased by 2194 lots to 92,120 lots.

SHFE three-month zinc contract prices opened higher. Discounts of #0 zinc against SHFE three-month zinc contract prices expand to RMB 350-370/mt, with traded prices between RMB 15,210-15,230/mt. Spot discounts of #0 zinc then narrowed to RMB 330/mt due to falling SHFE zinc prices, and traded prices were down to RMB 15,200-15,210/mt. #1 zinc prices were RMB 15,170-15,180/mt. Smelters still lacked interest to move goods, but traders were actively selling goods, leading to ample goods supply. But downstream buyers were still cautious, keeping overall transactions muted.
 

LME zinc prices
SHFE zinc prices
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