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SMM Zinc Market Daily Review (2013-7-19)
Jul 22,2013 09:18CST
price review forecast
Source:SMM
SHFE 1310 zinc contract prices opened slightly higher at RMB 14,535/mt, struggling around RMB14, 560/mt in the morning session.

SHANGHAI, Jul. 22 (SMM) - SHFE 1310 zinc contract prices opened slightly higher at RMB 14,535/mt, struggling around RMB14, 560/mt in the morning session. A-shares tumbled in the afternoon below 2,000, distressing market sentiment and causing selling pressure to grow. SHFE zinc prices thus fell below the 20-day moving average, dipping to RMB 14,490/mt, finally closing at RMB 14,500/mt, down RMB 35/mt or 0.24%. Trading volumes of SHFE 1310 zinc contract decreased by 10,626 lots, to 25,742 lots, and total positions decreased by 2,820 lots, to 138,130 lots. Trading volumes of SHFE 1311 zinc contract decreased by 9,340 lots, to 31,626 lots, and total positions increased by 5,584 lots, to 91,642 lots.

#0 zinc prices were between RMB 14,640-14,660/mt, with spot premiums of RMB 90-110/mt against SHFE 1310 zinc contract prices. #1 zinc prices were between RMB 14,610-14,630/mt, with spot supply tight. SHFE zinc prices consolidated, and smelters lacked interest to sell goods. Downstream buying interest was also so, and arbitrage traders released goods modestly due to expanding premiums, with traders standing on the sidelines, leaving transactions quiet. SHFE zinc prices fell in the afternoon, and #0 zinc prices were between RMB 14,630-14,650/mt, with spot premiums of RMB 100-130/mt against SHFE 1310 zinc contract prices.
 

SHFE 1310 zinc contract prices

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