SMM Zinc Market Daily Review (2013-10-24)

Price Review & Forecast 09:06:11AM Oct 25, 2013 Source:SMM

SHANGHAI, Oct. 25 (SMM) - SHFE 1401 zinc contract prices opened at RMB 15,000/mt as LME zinc prices overnight plunged by 1.86%, and then dipped to RMB 14,930/mt. HSBC’s October PMI for China was better than the flash data and September’s, but as the market had absorbed the news, SHFE zinc prices lacked ability to rise, hovering around the RMB 15,000/mt, and closing at RMB 15,015/mt, down RMB 25/mt. Trading volumes decreased by 21,892 lots, to 40,124 lots, and total positions decreased by 5,336 lots, to 132,000 lots.
 
#0 zinc prices were between RMB 15,080-15,130/mt, with spot premiums expanding to RMB 80-120/mt against SHFE 1401 zinc contract prices. #1 zinc prices were between RMB 15,000-15,020/mt, but transactions were muted. SHFE 1401 zinc contract prices opened low as LME zinc prices overnight plummeted by 1%. Despite HSBC’s October PMI was better than both the flash data and September’s, SHFE zinc prices lacked impetus to rise as the market had absorbed the news, hovering around RMB 15,000/mt. Smelters increased supply, while traders took a wait-and-see attitude, and downstream buyers watched on the sidelines, leaving trading muted.

 

Key Words:  zinc prices  

SMM Zinc Market Daily Review (2013-10-24)

Price Review & Forecast 09:06:11AM Oct 25, 2013 Source:SMM

SHANGHAI, Oct. 25 (SMM) - SHFE 1401 zinc contract prices opened at RMB 15,000/mt as LME zinc prices overnight plunged by 1.86%, and then dipped to RMB 14,930/mt. HSBC’s October PMI for China was better than the flash data and September’s, but as the market had absorbed the news, SHFE zinc prices lacked ability to rise, hovering around the RMB 15,000/mt, and closing at RMB 15,015/mt, down RMB 25/mt. Trading volumes decreased by 21,892 lots, to 40,124 lots, and total positions decreased by 5,336 lots, to 132,000 lots.
 
#0 zinc prices were between RMB 15,080-15,130/mt, with spot premiums expanding to RMB 80-120/mt against SHFE 1401 zinc contract prices. #1 zinc prices were between RMB 15,000-15,020/mt, but transactions were muted. SHFE 1401 zinc contract prices opened low as LME zinc prices overnight plummeted by 1%. Despite HSBC’s October PMI was better than both the flash data and September’s, SHFE zinc prices lacked impetus to rise as the market had absorbed the news, hovering around RMB 15,000/mt. Smelters increased supply, while traders took a wait-and-see attitude, and downstream buyers watched on the sidelines, leaving trading muted.

 

Key Words:  zinc prices