SMM Zinc Market Daily Review (2014-6-12)

SHANGHAI, Jun. 13 (SMM) – SHFE 1408 zinc contract prices opened at RMB 15,590/mt on Wednesday evening, then hovered around RMB 15,600/mt, and closing at RMB 15,600/mt. SHFE 1408 zinc contract prices opened at RMB 15,595/mt, and dipped to RMB 15,550/mt before touching RMB 15,640/mt, but plummeting at the end of trading. SHFE 1408 zinc contract prices closed at RMB 15,500/mt, down RMB 90/mt or 0.58%. Trading volumes decreased by 85,464 lots, to 82,398 lots, and total positions decreased by 9,634 lots, to 135,408 lots.
 
#0 zinc prices were between RMB 15,480-15,520/mt, with spot discounts of RMB 50-80/mt against SHFE 1408 zinc contract prices. #1 zinc prices were between RMB 15,430-15,450/mt, with transactions muted due to lower imported zinc prices. SHFE zinc prices edged down to RMB 15,570-15,580/mt. Some brands were in short supply due to maintenance, but supply of Yuguang, Shuangyan and imported zinc was sufficient. Spot discounts narrowed due to falling SHFE zinc prices, causing cargo holders to move goods, but downstream buying interest was low, leaving transactions quiet. Shuangyan branded #0 prices were between RMB 15,500-15,520/mt, and RMB 15,490-15,500/mt for Yuguang branded #0 zinc. Baohui branded #0 zinc prices were around RMB 15,480/mt, with RMB 15,400-15,430/mt for imported #0 zinc. SHFE 1408 zinc contract prices rose initially before falling in the afternoon, with #0 zinc prices between RMB 15,480-15,530/mt.