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SMM Zinc Market Daily Review (2013-11-28 )
Nov 29,2013 09:55CST
price review forecast
Source:SMM
SHFE 1402 zinc contract prices opened lower at RMB 14,750/mt, dragged down by LME zinc prices overnight, then moving within a narrow band.

SHANGHAI, Nov. 29 (SMM) – SHFE 1402 zinc contract prices opened lower at RMB 14,750/mt, dragged down by LME zinc prices overnight, then moving within a narrow band. In the afternoon, SHFE zinc prices continued to rise, touching an intraday high of RMB 14,780/mt, closing at RMB 14,760/mt, down RMB 40/mt. Trading volumes increased by 13,196 lots, to 32,644 lots, and total positions increased by 7,418 lots, to 126,000 lots.

#0 zinc prices were between RMB 14,840-14,890/mt, with spot premiums between RMB 90-140/mt against SHFE 1402 zinc contract prices. Lida branded #1 zinc prices were around RMB 14,840/mt, with trades limited at the high-end of the price range. KZ and SMC branded #0 zinc prices were around RMB 14,840/mt, with Mexican #0 zinc prices lower at RMB 14,810/mt. SHFE 1402 zinc contract prices opened low, when combined with month-end cash flow problems, downstream buyers were reticent, while cargo holders were actively moving goods, with trades muted. Baohui branded #0 zinc prices were around RMB 14,840/mt, Feilong, Qinxin and Jiulong branded #0 zinc prices were between RMB 14,850-14,860/mt, with RMB 14,880-14,890/mt for Shuangyan branded #0 zinc.
 

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