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SMM Zinc Market Daily Review (2014-3-6)
Mar 7,2014 09:52CST
price review forecast
Source:SMM
SHFE 1405 zinc contract prices opened at RMB 15,285/mt on Wednesday evening.

SHANGHAI, Mar. 7 (SMM) – SHFE 1405 zinc contract prices opened at RMB 15,285/mt on Wednesday evening. Dragged down by falling LME zinc prices, SHFE 1405 zinc contract prices inched down to RMB 15,250/mt as a large number of longs left the market, and finally closing at RMB 15,250/mt, down RMB 30/mt or 0.2%. Trading volumes decreased by 35,384 lots to 16,082 lots, and total positions increased by 1,072 lots to 124,624 lots. SHFE 1405 zinc contract prices opened at RMB 15,250/mt on Thursday, and then dipped to RMB 15,145/mt as a large number of longs left the market, and hovering between RMB 15,170-15,190/mt, and closing at RMB 15,200/mt, down RMB 80/mt or 0.52%. Trading volumes decreased by 56,486 lots, to 62,060 lots, and total positions decreased by 3,818 lots, to 119,734 lots.

#0 zinc prices were between RMB 14,930-14,960/mt, with spot discounts between RMB 200-230/mt against SHFE 1405 zinc contract prices. #1 zinc prices were between RMB 14,870-14,880/mt. SHFE 1405 zinc contract prices opened at RMB 15,250/mt on Thursday, then edged down during the first session, causing spot discounts to narrow to RMB 200/mt, and some traders to release goods. Shuangyan branded #0 zinc prices dropped from RMB 15,000/mt to RMB 14,950/mt. During the second session, SHFE zinc prices stabilized, with traders actively moving goods and some of them replenishing stocks at lower prices. Downstream buying interest improved, but transactions muted. Shuangyan branded #0 zinc prices were between RMB 14,950-14,960/mt, with RMB 14,930/mt for Jiulong and Feilong branded #0 zinc, and RMB 14,940/mt for Qilin branded #0 zinc.
 

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