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SMM Zinc Market Daily Review (2013-11-8)
Nov 11,2013 09:40CST
price review forecast
Source:SMM
SHFE 1401 zinc contract prices opened at RMB 14,930/mt, and found support at the 60-day moving average as LME zinc prices leveled out during Asian trading hours.

SHANGHAI, Nov. 11 (SMM) – SHFE 1401 zinc contract prices opened at RMB 14,930/mt, and found support at the 60-day moving average as LME zinc prices leveled out during Asian trading hours, then hovering between RMB 14,930-14,950/mt. Risk aversion permeated in the market at the week’s end and ahead of the release of US October non-farm employment data. Trading volumes increased by 3,242 lots, to 21,340 lots, and total positions decreased by 2,612 lots, to 106,932 lots.

#0 zinc prices were between RMB 15,030-15,060/mt, down RMB 10-20/mt, with spot premiums between RMB 90-120/mt against SHFE 1401 zinc contract prices. #1 zinc prices were around RMB 14,990/mt, with supply tight. KZ and SMC #0 zinc prices were between RMB 15,010-15,020/mt. SHFE zinc prices fluctuated between the 30 and 60-day moving average. Both suppliers and buyers remained cautious ahead of the release of US October non-farm employment data, leaving transactions muted.

 

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