SMM Zinc Market Daily Review (2013-4-9)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2013-4-9)

Price Review & Forecast 09:10:53AM Apr 10, 2013 Source:SMM

SHANGHAI, Apr. 10 (SMM) - LME zinc prices overnight closed the day with gains. LME zinc prices extended their increases today, and the Shanghai Composite Index opened high and moved higher, gaining back previous losses, and closing the day up 0.62%, boosting SHFE zinc prices. SHFE 1307 zinc contracts prices opened at RMB 14,775/mt today, and then moved between RMB 14,795-14,810/mt. SHFE zinc prices surged again in the afternoon, and broke through the 10-day moving average, inching up to RMB 14,855-14,870/mt, and finally closing at RMB 14,890/mt, up RMB 235/mt or 1.6%. Trading volumes increased by 12,332 lots, to 76,790 lots, and total positions increased by 7,244 lots to 137,740 lots.

SHFE 1307 zinc contract prices opened high, and moved higher, but then fluctuated narrowly. Discounts of #0 zinc against SHFE 1306 zinc contract prices were RMB 90-100/mt, with traded prices between RMB 14,640-14,650/mt. #1 zinc prices were between RMB 14,610/mt. traders inquired actively but purchased modestly, while downstream buying interest remained low due to pessimism, so overall transactions were muted.
 

Key Words:  LME zinc prices 

SMM Zinc Market Daily Review (2013-4-9)

Price Review & Forecast 09:10:53AM Apr 10, 2013 Source:SMM

SHANGHAI, Apr. 10 (SMM) - LME zinc prices overnight closed the day with gains. LME zinc prices extended their increases today, and the Shanghai Composite Index opened high and moved higher, gaining back previous losses, and closing the day up 0.62%, boosting SHFE zinc prices. SHFE 1307 zinc contracts prices opened at RMB 14,775/mt today, and then moved between RMB 14,795-14,810/mt. SHFE zinc prices surged again in the afternoon, and broke through the 10-day moving average, inching up to RMB 14,855-14,870/mt, and finally closing at RMB 14,890/mt, up RMB 235/mt or 1.6%. Trading volumes increased by 12,332 lots, to 76,790 lots, and total positions increased by 7,244 lots to 137,740 lots.

SHFE 1307 zinc contract prices opened high, and moved higher, but then fluctuated narrowly. Discounts of #0 zinc against SHFE 1306 zinc contract prices were RMB 90-100/mt, with traded prices between RMB 14,640-14,650/mt. #1 zinc prices were between RMB 14,610/mt. traders inquired actively but purchased modestly, while downstream buying interest remained low due to pessimism, so overall transactions were muted.
 

Key Words:  LME zinc prices