SMM Zinc Market Daily Review (2013-2-8)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2013-2-8)

Price Review & Forecast 09:14:53AM Feb 16, 2013 Source:SMM

SHANGHAI, Feb.16 (SMM) -- SHFE 1305 zinc contract prices advanced to hit at high at RMB 15,925/mt after opening at RMB 15,838/mt on February 8th. The better-than-expected trading data from China later announced further booted market confidence, sending China’s stock market higher. In response, the most active SHFE zinc contract advanced to break through 10-day moving average and hit a high at RMB 15,980/mt, but still met resistance at 5-day moving average. At the tail of the trading, the most active zinc tract closed at RMB 15,870/mt, up RMB 5/mt.

Discounts of #0 zinc against SHFE 1305 zinc contract prices were between RMB 340-370/mt, with traded prices between RMB 15,750-15,600/mt. #1 zinc was traded at RMB 15,520/mt. Market players began to leave the market in the last trading week before the Chinese New Year holiday, and transactions were muted, with only limited arbitrage transactions reported.
 

SMM Zinc Market Daily Review (2013-2-8)

Price Review & Forecast 09:14:53AM Feb 16, 2013 Source:SMM

SHANGHAI, Feb.16 (SMM) -- SHFE 1305 zinc contract prices advanced to hit at high at RMB 15,925/mt after opening at RMB 15,838/mt on February 8th. The better-than-expected trading data from China later announced further booted market confidence, sending China’s stock market higher. In response, the most active SHFE zinc contract advanced to break through 10-day moving average and hit a high at RMB 15,980/mt, but still met resistance at 5-day moving average. At the tail of the trading, the most active zinc tract closed at RMB 15,870/mt, up RMB 5/mt.

Discounts of #0 zinc against SHFE 1305 zinc contract prices were between RMB 340-370/mt, with traded prices between RMB 15,750-15,600/mt. #1 zinc was traded at RMB 15,520/mt. Market players began to leave the market in the last trading week before the Chinese New Year holiday, and transactions were muted, with only limited arbitrage transactions reported.