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SMM Zinc Market Daily Review (2013-7-24)
Jul 25,2013 09:12CST
price review forecast
Source:SMM
SHFE 1310 zinc contract prices opened slight higher at RMB 14,655/mt.

SHANGHAI, Jul. 25 (SMM) - SHFE 1310 zinc contract prices opened slight higher at RMB 14,655/mt. HSBC's July manufacturing PMI for China deteriorated, triggering market concerns, which pulled down SHFE zinc prices to RMB 14,590/mt. The Ministry of Industry and Information Technology news spokesman expressed China plans to push policies helping enterprises impetus, easing market apprehension. China's A-shares edged up at noon, which boosted SHFE zinc prices to close at RMB 14,640/mt, up RMB 5/mt or 0.03%. Trading volumes of SHFE 1310 zinc contract decreased by 1,442 lots, to 17,730 lots, and total positions decreased by 3,168 lots, to 122,334 lots. Total trading volumes increased by 4,498 lots, to 58,658 lots, and total positions decreased by 3,264 lots, to 305,572 lots.

#0 zinc prices were between RMB 14,690-14,730/mt, with spot premiums of RMB 90-110/mt against SHFE 1310 zinc contract prices. #1 zinc prices were around RMB 14,670/mt. Due to disappointing HSBC's July PMI for China, SHFE zinc prices opened high but moved lower, distressing smelter willingness to sell goods. Traders sold goods at higher prices initially as zinc prices fluctuated at high levels, as prices fell and since spot premiums expanded, arbitrage traders released goods. But most traders were cautious, and downstream buyers also took a wait-and-see attitude, leaving transactions quiet. SHFE zinc prices edged up in the afternoon, and #0 zinc prices were between RMB 14,720-14,740/mt, with spot premiums of RMB 90-100/mt against SHFE 1310 zinc contract prices.

 

SHFE 1310 zinc contract prices

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