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SMM Zinc Market Daily Review (2014-3-11)
Mar 12,2014 09:38CST
price review forecast
Source:SMM
SHFE 1405 zinc contract prices opened at RMB 14,750/mt on Monday evening, then rose as some bargain hunters entered the market and since a large number of shorts left the market after profit-taking.

SHANGHAI, Mar. 12 (SMM) – SHFE 1405 zinc contract prices opened at RMB 14,750/mt on Monday evening, then rose as some bargain hunters entered the market and since a large number of shorts left the market after profit-taking, touching RMB 14,875/mt, and finally closing at RMB 14,845/mt, down RMB 25/mt or 0.17%. Trading volumes decreased by 29,052 lots to 106,776 lots, and total positions decreased by 72 lots to 110,334 lots.

SHFE 1405 zinc contract prices opened low at RMB 14,845/mt on Tuesday, climbing to RMB 14,935/mt before leveling out, touching an intraday high of RMB 14,960/mt before the end of the morning trading. In the afternoon, SHFE 1405 zinc contract prices edged up as a growing number of shorts left the market after profit-taking, and closing at RMB 14,920/mt, up RMB 50/mt or 0.34%. Trading volumes decreased by 40,826 lots, to 52,410 lots, and total positions decreased by 8,992 lots, to 101,414 lots.

#0 zinc prices were between RMB 14,750-14,800/mt, with spot discounts between RMB 100-140/mt against SHFE 1405 zinc contract prices. #1 zinc prices were between RMB 14,710-14,720/mt. SHFE 1405 zinc contract prices opened high at RMB 14,860/mt on Tuesday, then edged up, pushing up spot prices. Traders were moving goods actively, while smelters were unwilling to sell goods due to low zinc prices, with downstream buyers remaining cautious. Shuangyan branded #0 zinc prices were between RMB 14,760-14,790/mt initially, and surged to RMB 14,800-14,820/mt near the end of trading, with trades muted, and RMB 14,760/mt for Yuguang branded #0 zinc, and RMB 14,750/mt for Qinxin and Jiulong branded #0 zinc.
 

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