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SMM Zinc Market Daily Review (2013-6-28)
Jul 1,2013 09:03CST
price review forecast
Source:SMM
SHFE 1310 zinc contract prices opened slightly lower at RMB 14,380/mt.

SHANGHAI, Jul. 1 (SMM) - SHFE 1310 zinc contract prices opened slightly lower at RMB 14,380/mt. As domestic liquidity tightness eased, the Shanghai Composite closed the day up 1.50%, boosting market sentiment. SHFE zinc prices thus climbed to RMB 14,445/mt, but met resistance at the 10-day moving average, and later fluctuating between RMB 14,410-14,425/mt, finally closing at RMB 14,420/mt, up RMB 25/mt or 0.17%. Trading volumes decreased by 5,070 lots, to 48,820 lots, and total positions increased by 1,194 lots to 160,580 lots.

#0 zinc prices were between RMB 14,480-14,500/mt, with spot premiums between RMB 70-90/mt against SHFE 1310 zinc contract prices. #1 zinc prices were around RMB 14,470/mt, and goods availability low. SHFE three-month zinc contract prices opened slightly lower but rallied, meeting resistance at the 10-day moving average and lacking momentum to climb further, with the market pessimistic toward price trends. Smelters continue to move goods, while downstream buying interest weakened, and traders also lacked interest to operate due to cash flow problems, keeping transactions quiet. SHFE zinc prices fluctuated in a narrow band in the afternoon, and transactions were muted due to cash flow problem, with prices between RMB 14,490-14,500/mt.


 

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