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SMM Zinc Market Daily Review (2013-11-15)
Nov 18,2013 08:58CST
price review forecast
Source:SMM
SHFE 1402 zinc contract prices opened at RMB 14,835/mt, and then leveled out.

SHANGHAI, Nov. 18 (SMM) –  SHFE 1402 zinc contract prices opened at RMB 14,835/mt, and then leveled out. The Shanghai Composite Index soared at noon, pushing up SHFE zinc prices to RMB 14,865/mt. But with the lack of upward momentum and the exodus of investors before the weekend, SHFE zinc prices lost early gains and closed at RMB 14,805/mt, down RMB 25/mt. Trading volumes increased by 436 lots, to 30,242 lots, and total positions increased by 7,084 lots, to 98,678 lots.

#0 zinc prices were between RMB 14,910-14,950/mt before 10:00 am, with spot premiums between RMB 80-120/mt against SHFE 1401 zinc contract prices. As SHFE zinc prices rose by RMB 20/mt, to RMB 148,55/mt, #0 zinc prices climbed to RMB 14,920-14,960/mt with spot premiums narrowing to RMB 70-110/mt. Lida branded #1 zinc availability was low, Shuangyan branded #1 zinc prices were around RMB 14,910/mt, but sales were limited.  Kazakhstan #1 zinc prices were RMB 14,820/mt, with imported SMC #0 zinc prices around RMB 14,930/mt. SHFE 1401 zinc contract prices rose after opening, with smelters moving goods normally and traders selling goods actively. But downstream buying interest remained low, leaving transactions muted.

 

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