SMM Zinc Market Daily Review (2013-1-29)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2013-1-29)

Price Review & Forecast 09:24:07AM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) - SHFE 1305 zinc contract became the most actively traded one, with prices opening at RMB 15,705/mt, and soared to RMB 15,700/mt after opening. But as short momentum mounted, SHFE 1305 zinc contract prices fell and fluctuated between RMB 15,675-15,685/mt. In response to surging LME zinc prices, SHFE 1305 zinc contract prices touched RMB 15,775/mt, and finally closed at RMB 15,725/mt, up RMB 30/mt, or 0.19%. Trading volumes of SHFE 1305 zinc contract increased by 2,226 lots, to 63,646 lots, and total position increased by 13,780 lots to 88,074 lots. Trading volumes of SHFE 1304 zinc contract decreased by 11,802 lots, to 31,514 lots, and total position decreased by 2,202 lots to 75,550 lots.

SHFE three-month zinc contract prices fell after rising initially today. Discounts of #0 zinc against SHFE 1304 zinc contract prices remained were RMB 280-300/mt, with traded prices between RMB 15,280-15,300/mt. #1 zinc prices were RMB 15,240-15,250/mt. Traders were not hurried to move goods due to optimism, so goods supply was tight. Traders left the market, while downstream buyers remained cautious, keeping transactions muted.

 

SMM Zinc Market Daily Review (2013-1-29)

Price Review & Forecast 09:24:07AM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) - SHFE 1305 zinc contract became the most actively traded one, with prices opening at RMB 15,705/mt, and soared to RMB 15,700/mt after opening. But as short momentum mounted, SHFE 1305 zinc contract prices fell and fluctuated between RMB 15,675-15,685/mt. In response to surging LME zinc prices, SHFE 1305 zinc contract prices touched RMB 15,775/mt, and finally closed at RMB 15,725/mt, up RMB 30/mt, or 0.19%. Trading volumes of SHFE 1305 zinc contract increased by 2,226 lots, to 63,646 lots, and total position increased by 13,780 lots to 88,074 lots. Trading volumes of SHFE 1304 zinc contract decreased by 11,802 lots, to 31,514 lots, and total position decreased by 2,202 lots to 75,550 lots.

SHFE three-month zinc contract prices fell after rising initially today. Discounts of #0 zinc against SHFE 1304 zinc contract prices remained were RMB 280-300/mt, with traded prices between RMB 15,280-15,300/mt. #1 zinc prices were RMB 15,240-15,250/mt. Traders were not hurried to move goods due to optimism, so goods supply was tight. Traders left the market, while downstream buyers remained cautious, keeping transactions muted.