SMM Zinc Market Daily Review (2013-4-16)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2013-4-16)

Price Review & Forecast 09:47:44AM Apr 17, 2013 Source:SMM

SHANGHAI, Apr. 17 (SMM) - SHFE 1307 zinc contracts prices opened low at RMB 14,380/mt, dragged down by plunging global commodity and stocks markets. Due to a high SHFE/LME copper price ratio and investors selling goods, SHFE 1307 zinc contracts prices plummeted to a nine-and-a-half-month low of RMB 14,320/mt, but then inched up to RMB 14,645/mt owning to a rising Shanghai Composite Index and climbing LME zinc prices, with prices closing at RMB 14,580/mt, up RMB 75/mt or 0.52%. Trading volumes increased by 1,570 lots, to 116,000 lots, and total positions increased by 1,908 lots to 155,000 lots.

SHFE 1307 zinc contract prices opened low and then rallied, gaining back some yesterday losses. Discounts of #0 zinc against SHFE 1306 zinc contract prices were RMB 0-40/mt, with traded prices between RMB 14,430-14,470/mt. #1 zinc prices were between RMB 14,400-14,420/mt. Downstream buyers caution increased as SHFE zinc prices extended declines, and purchased modestly, with overall transactions muted.

 

SMM Zinc Market Daily Review (2013-4-16)

Price Review & Forecast 09:47:44AM Apr 17, 2013 Source:SMM

SHANGHAI, Apr. 17 (SMM) - SHFE 1307 zinc contracts prices opened low at RMB 14,380/mt, dragged down by plunging global commodity and stocks markets. Due to a high SHFE/LME copper price ratio and investors selling goods, SHFE 1307 zinc contracts prices plummeted to a nine-and-a-half-month low of RMB 14,320/mt, but then inched up to RMB 14,645/mt owning to a rising Shanghai Composite Index and climbing LME zinc prices, with prices closing at RMB 14,580/mt, up RMB 75/mt or 0.52%. Trading volumes increased by 1,570 lots, to 116,000 lots, and total positions increased by 1,908 lots to 155,000 lots.

SHFE 1307 zinc contract prices opened low and then rallied, gaining back some yesterday losses. Discounts of #0 zinc against SHFE 1306 zinc contract prices were RMB 0-40/mt, with traded prices between RMB 14,430-14,470/mt. #1 zinc prices were between RMB 14,400-14,420/mt. Downstream buyers caution increased as SHFE zinc prices extended declines, and purchased modestly, with overall transactions muted.