Spot Zinc Price Movement (2013-6-20)-Shanghai Metals Market

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Spot Zinc Price Movement (2013-6-20)

Price Review & Forecast 05:37:11PM Jun 20, 2013 Source:SMM

SHANGHAI, Jun. 20 (SMM) – #0 zinc prices were between RMB 14,530-14,570/mt, with spot premiums between RMB 110-130/mt against SHFE 1310 zinc contract prices. #1 zinc prices were between RMB 14,510-14,520/mt. SHFE zinc prices opened low and moved lower, and HSBC's June PMI for China fell further, distressing market sentiment. Cargo holders were actively moving goods, while smelters and traders also sold goods aggressively to generate cash, causing spot supply to increase. But downstream buyers were cautious due to pessimism and the lack of orders, causing supply surplus to exacerbate, pushing down spot zinc prices. #0 zinc prices were between RMB 14,550-14,570/mt during the first trading session, but dropped to RMB 14,530-14,550/mt in the second trading session, with transactions muted.
 

Spot Zinc Price Movement (2013-6-20)

Price Review & Forecast 05:37:11PM Jun 20, 2013 Source:SMM

SHANGHAI, Jun. 20 (SMM) – #0 zinc prices were between RMB 14,530-14,570/mt, with spot premiums between RMB 110-130/mt against SHFE 1310 zinc contract prices. #1 zinc prices were between RMB 14,510-14,520/mt. SHFE zinc prices opened low and moved lower, and HSBC's June PMI for China fell further, distressing market sentiment. Cargo holders were actively moving goods, while smelters and traders also sold goods aggressively to generate cash, causing spot supply to increase. But downstream buyers were cautious due to pessimism and the lack of orders, causing supply surplus to exacerbate, pushing down spot zinc prices. #0 zinc prices were between RMB 14,550-14,570/mt during the first trading session, but dropped to RMB 14,530-14,550/mt in the second trading session, with transactions muted.