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SMM Zinc Market Daily Review (2013-7-4)
Jul 5,2013 09:01CST
price review forecast
Source:SMM
SHFE 1310 zinc contract prices opened RMB 45/mt lower at RMB 14,570/mt, causing a large number of longs to close positions, and fluctuating between RMB 14,535-14,555/mt during the day.

SHANGHAI, Jul. 5 (SMM) - SHFE 1310 zinc contract prices opened RMB 45/mt lower at RMB 14,570/mt, causing a large number of longs to close positions, and fluctuating between RMB 14,535-14,555/mt during the day, once dipping to RMB 14,515/mt. Finally, SHFE 1310 zinc contract prices closed at RMB 14,550/mt, down RMB 65/mt, or 0.44%. Trading volumes decreased by 5,444 lots, to 45,732 lots, and total positions decreased by 2,614 lots, to 154,640 lots.

#0 zinc prices were between RMB 14,620-14,650/mt, with spot premiums between RMB 80-90/mt against SHFE 1310 zinc contract prices. #1 zinc prices were between RMB 14,580-14,590/mt, with imported #0 zinc prices between RMB 14,580-14,600/mt. Some smelters slowed goods supply as the liquidity crunch eased, holding prices firm. SHFE 1310 zinc contract prices fell below RMB 14,600/mt, and when combined with the need to replenish stocks, downstream buyers purchased modestly, with transactions still muted. Zijin cut output, and supply of Shuangyan brand slowed, with spot tightness in Tianjin, and the spread with Shanghai expanding to RMB 200/mt. SHFE zinc prices continued to hover in the afternoon, and #0 zinc prices were between RMB 14,630-14,640/mt, with spot premiums between RMB 80-90/mt against SHFE 1310 zinc contract prices.

 

zinc contract prices

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