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SMM Zinc Market Daily Review (2013-11-26)
Nov 27,2013 10:08CST
price review forecast
Source:SMM
SHFE 1402 zinc contract prices opened lower at RMB 14,860/mt, dragged down by LME zinc prices overnight, then leveling out between RMB 14,830-14,855/mt.

SHANGHAI, Nov. 27 (SMM) – SHFE 1402 zinc contract prices opened lower at RMB 14,860/mt, dragged down by LME zinc prices overnight, then leveling out between RMB 14,830-14,855/mt, with strong support from the 10-day moving average. Finally, SHFE zinc prices closed the day at RMB 14,845/mt, up RMB 15/mt. Trading volumes decreased by 916 lots, to 18,816 lots, and total positions decreased by 1,260 lots, to 114,000 lots.

#0 zinc prices were between RMB 14,910-14,940/mt, with spot premiums between RMB 70-100/mt against SHFE 1402 zinc contract prices. Lida branded #1 zinc prices were between RMB 14,880-14,890/mt, with spot premiums SMC branded zinc RMB 50-60/mt against SHFE 1402 zinc contract prices, trading between RMB 14,890-14,900/mt. SHFE 1402 zinc contract prices opened high but moved lower, leveling out around RMB 14,860/mt, depressing market sentiment. Smelters moved goods normally, and traders were actively moving goods to generate cash, but downstream buying interest remained low, leaving transactions muted.
 

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