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SMM Zinc Market Daily Review (2013-2-19)
Feb 20,2013 09:34CST
price review forecast
Source:SMM
The most active SHFE 1305 zinc contract started slightly lower at RMB 15,750/mt on February 19.

SHANGHAI, Feb. 20 (SMM) – The most active SHFE 1305 zinc contract started slightly lower at RMB 15,750/mt on February 19. The contract drifted higher with long investors entering markets but then came under pressure at the 5-day moving average since both LME zinc and Chinese A-shares fell sharply, with prices between RMB 15,810-15,830/mt in the morning. In the afternoon, SHFE 1305 zinc contract dropped further and settled at RMB 15,785/mt, a decline of RMB 35/mt or 0.22%. Trading volumes decreased by 18,576 lots to 59,138 lots, but positions added by 2,276 lots to 147,142 lots.

Traded prices for #0 zinc in spot market were largely between RMB 15,500-15,520/mt, with spot discounts over the 1305 SHFE zinc contract at RMB 300-310/mt. Traded prices for #1 zinc were RMB 15,460-15,470/mt. But spot zinc market activity remained quiet since market participants expressed low trading interest. Most downstream producers have yet to resume production, and some producers in north China even said they will restart operations following the Lantern Festival. In the face of persistently soft zinc prices, downstream consumers have been inactive in replenishing stocks. However, zinc market activity may improve later in the week.

 

SHFE 1305 zinc contract
spot zinc price

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