SMM Zinc Market Daily Review (2014-3-14)

SHANGHAI, Mar. 17 (SMM) – SHFE 1405 zinc contract prices opened low at RMB 14,750/mt on Thursday evening, then fluctuated weakly due to weakening LME zinc prices, and finally closing at RMB 14,790/mt, down RMB 50/mt or 0.34%. Trading volumes decreased by 8,972 lots to 13,876 lots, and total positions decreased by 374 lots to 90,464 lots.

SHFE 1405 zinc contract prices opened low at RMB 14,790/mt on Friday, climbing to an intraday high of RMB 14,820/mt before inching down later the day due to the weakening LME zinc prices, and closing at RMB 14,765/mt, down RMB 75/mt or 0.51%. Trading volumes decreased by 6,522 lots, to 20,150 lots, and total positions decreased by 7,026 lots, to 83,438 lots.

#0 zinc prices were between RMB 14,670-14,720/mt, with spot discounts between RMB 80-110/mt against SHFE 1405 zinc contract prices. #1 zinc prices were between RMB 14,660-14,670/mt. SHFE 1405 zinc contract prices opened at RMB 14,790/mt on Friday, then inched down, pushing down spot prices, with spot discounts narrowing further. Traders were moving goods actively, while smelters reduced goods supply, with downstream buyers remaining cautious. Shuangyan branded #0 zinc prices were between RMB 14,700-14,720/mt, with RMB 14,670-14,690/mt for Qinxin, Yuguang and Baohui branded #0 zinc.