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SMM Zinc Market Daily Review (2014-3-4)
Mar 5,2014 09:43CST
price review forecast
Source:SMM
SHFE 1405 zinc contract prices opened at RMB 15,070/mt on Monday evening.

SHANGHAI, Mar. 5 (SMM) – SHFE 1405 zinc contract prices opened at RMB 15,070/mt on Monday evening, and then rose after dipping to RMB 15,050/mt, and finally closing at RMB 15,100/mt, down RMB 10/mt or 0.07%. Trading volumes increased by 2,762 lots to 14,328 lots, and total positions decreased by 672 lots to 109,696 lots. SHFE 1405 zinc contract prices opened at RMB 15,095/mt on Tuesday, and dipped to USD 15,070/mt, dragged down by falling LME zinc prices. But since LME zinc prices rose later the day and as large number of shorts closed positions, SHFE 1405 zinc contract prices rallied and touched an intraday high of RMB 15,140/mt, and closing at RMB 15,140/mt, up RMB 30/mt or 0.2%. Trading volumes increased by 1,296 lots, to 32,696 lots, and total positions increased by 2,546 lots, to 112,242 lots.

#0 zinc prices were between RMB 14,860-14,900/mt, with spot discounts between RMB 200-240/mt against SHFE 1405 zinc contract prices. #1 zinc prices were between RMB 14,810-14,820/mt. SHFE 1405 zinc contract prices opened at RMB 15,095/mt on Tuesday, rising slightly from the previous trading day, allowing spot discounts to expand by RMB 10/mt as spot prices did not climb. Both smelters and cargo holders were moving goods actively, but downstream buying interest was low despite zinc prices dropped to their lowest for the year. Shuangyan branded #0 zinc prices were between RMB 14,890-14,900/mt, with RMB 14,860/mt for Jiulong, Qinxin, Feilong and SMC branded #0 zinc.

 

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