SMM Zinc Market Daily Review (2013-7-25)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2013-7-25)

Price Review & Forecast 09:09:19AM Jul 26, 2013 Source:SMM

SHANGHAI, Jul. 26 (SMM) - SHFE 1310 zinc contract prices opened slight higher at RMB 14,645/mt, and then hovered around the 10-day moving average. LME zinc prices edged up due to plummeting US dollar index, which pushed up SHFE zinc prices to strengthen in the afternoon. As a large number of longs entered the market,  SHFE zinc prices pulled up to RMB 14,690/mt, once touching RMB 14,710/mt, and finally closing at RMB 14,690/mt, up RMB 65/mt, or 0.44%. Trading volumes of SHFE 1310 zinc contract increased by 3,114 lots, to 20,844 lots, and total positions decreased by 2,802 lots, to 119,532 lots. Total trading volumes of SHFE 1311 zinc contract increased by 10,292 lots, to 394,546 lots, and total positions increased by 6,616 lots, to 103,376 lots.

#0 zinc prices were between RMB 14,710-14,750/mt, with spot premiums of RMB 90-110/mt against SHFE 1310 zinc contract prices. #1 zinc prices were around RMB 14,700/mt. As SHFE zinc prices edged up, traders continued to sell goods, with some traders remaining cautious, and downstream purchasing increased ahead of the weekend, but transactions were still quiet. SHFE zinc prices edged up in the afternoon, and #0 zinc prices were between RMB 14,780-14,790/mt, with spot premiums of RMB 90-100/mt against SHFE 1310 zinc contract prices.
 

SMM Zinc Market Daily Review (2013-7-25)

Price Review & Forecast 09:09:19AM Jul 26, 2013 Source:SMM

SHANGHAI, Jul. 26 (SMM) - SHFE 1310 zinc contract prices opened slight higher at RMB 14,645/mt, and then hovered around the 10-day moving average. LME zinc prices edged up due to plummeting US dollar index, which pushed up SHFE zinc prices to strengthen in the afternoon. As a large number of longs entered the market,  SHFE zinc prices pulled up to RMB 14,690/mt, once touching RMB 14,710/mt, and finally closing at RMB 14,690/mt, up RMB 65/mt, or 0.44%. Trading volumes of SHFE 1310 zinc contract increased by 3,114 lots, to 20,844 lots, and total positions decreased by 2,802 lots, to 119,532 lots. Total trading volumes of SHFE 1311 zinc contract increased by 10,292 lots, to 394,546 lots, and total positions increased by 6,616 lots, to 103,376 lots.

#0 zinc prices were between RMB 14,710-14,750/mt, with spot premiums of RMB 90-110/mt against SHFE 1310 zinc contract prices. #1 zinc prices were around RMB 14,700/mt. As SHFE zinc prices edged up, traders continued to sell goods, with some traders remaining cautious, and downstream purchasing increased ahead of the weekend, but transactions were still quiet. SHFE zinc prices edged up in the afternoon, and #0 zinc prices were between RMB 14,780-14,790/mt, with spot premiums of RMB 90-100/mt against SHFE 1310 zinc contract prices.