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SMM Zinc Market Daily Review (2014-3-18)
Mar 19,2014 09:23CST
price review forecast
Source:SMM
SHFE 1405 zinc contract prices opened high at RMB 14,695/mt on Monday evening, touching RMB 14,730/mt before dropping, and finally closing at RMB 14,670/mt.

SHANGHAI, Mar. 19 (SMM) – SHFE 1405 zinc contract prices opened high at RMB 14,695/mt on Monday evening, touching RMB 14,730/mt before dropping, and finally closing at RMB 14,670/mt, down RMB 55/mt or 0.37. Trading volumes decreased by 6,604 lots to 5,110 lots, and total positions decreased by 396 lots to 78,226 lots. SHFE 1406 zinc contract prices became the most actively traded contract on Tuesday, with prices opening at RMB 14,715/mt, then edged up to RMB 14,780/mt with rising SHFE copper prices. but as a large number of longs closed positions, and since LME zinc prices lacked ability to rebound in the afternoon, SHFE 1406 zinc contract prices leveled out between RMB 14,750-14,780/mt, and closing the day flat at RMB 14,760/mt. Trading volumes increased by 10,530 lots, to 30,644 lots, and total positions decreased by 1,810 lots, to 72,632 lots.

#0 zinc prices were between RMB 14,620-14,650/mt, with spot discounts between RMB 60-100/mt against SHFE 1405 zinc contract prices. #1 zinc prices were between RMB 14,600-14,610/mt. SHFE 1406 zinc contract prices opened at RMB 14,680/mt on Tuesday, and hovered at low levels during the first session. Shuangyan branded #0 zinc prices were between RMB 14,620-14,630, with discounts of RMB 60/mt against SHFE 1406 zinc contract prices, and RMB 14,600-14,610/mt for other regular brands. SHFE copper prices rebounded during the second session, pushing up SHFE zinc prices to RMB 14,700/mt, prompting a large number of traders to enter the market. But smelters were holding back goods, and some bargain hunters entered the market, with transactions improving from the previous day. Shuangyan branded #0 zinc prices were around RMB 14,650/mt, with RMB 14,620-14,630/mt for Qinxin, Jiulong and Feilong branded #0 zinc. SMC branded #0 zinc prices were between RMB 14,630-14,640/mt, with transactions muted.
 

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