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SMM Zinc Market Daily Review (2013-7-23)
Jul 24,2013 09:37CST
price review forecast
Source:SMM
SHFE 1310 zinc contract prices opened RMB 30/mt higher at RMB 14,630/mt.

SHANGHAI, Jul. 24 (SMM) - SHFE 1310 zinc contract prices opened RMB 30/mt higher at RMB 14,630/mt. China's central bank eliminated restrictions of loan interest rates for financial institutions, while news that refinancing of infrastructure construction was reported. China's A-shares rebounded, with short momentum waning. SHFE hovered around RMB 14,650/mt in the morning session. LME zinc prices fell in the afternoon, and longs left the market after profit-taking ahead of the release of HSBC's July PMI for China. SHFE zinc prices fell back to the 10 and 60-day moving average, finally closing at RMB 14,620/mt, up RMB 20/mt or 0.14%. Trading volumes of SHFE 1311 zinc contract decreased by 14,564 lots, to 19,172 lots, and total positions decreased by 2,340 lots, to 125,502 lots.

#0 zinc prices were between RMB 14,730-14,750/mt, with spot premiums of RMB 70-90/mt against SHFE 1310 zinc contract prices. #1 zinc prices were between RMB 14,700-14,710/mt. SHFE zinc prices opened high, and spot prices rallied to RMB 14,700/mt, boosting smelter willingness to move goods. But downstream buyers were cautious, purchasing as needed, leaving transactions quiet. Purchasing in North China was more active due to firm galvanized product prices, and transactions in East China were relatively brisk. SHFE zinc prices fell slightly in the afternoon, and #0 zinc prices were between RMB 14,720-14,730/mt, with spot premiums expanding to RMB 10-110/mt against SHFE 1310 zinc contract prices.
 

SHFE 1310 zinc contract prices

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