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SMM Zinc Market Daily Review (2014-6-27)
Jun 30,2014 09:11CST
price review forecast
Source:SMM
SHFE 1409 zinc contract prices opened at RMB 15,805/mt last Thursday evening, then rose to RMB 15,870/mt due to strong long momentum.

SHANGHAI, Jun. 30 (SMM) – SHFE 1409 zinc contract prices opened at RMB 15,805/mt last Thursday evening, then rose to RMB 15,870/mt due to strong long momentum, a record high over the past year, but falling to RMB 15,800/mt as a large number of longs left the market, and closing at RMB 15,810/mt, up RMB 70/mt or 0.44%. SHFE 1409 zinc contract prices opened at RMB 15,810/mt on Friday. As a large number of longs left the market, SHFE 1409 zinc contract prices inched down to RMB 15,800/mt, and dipping to RMB 15,730/mt, and closing at RMB 15,770/mt, up RMB 30/mt or 0.19%. Trading volumes during day session decreased by 17,668 lots, to 39,526 lots, and trading volumes for both day and night sessions increased by 4,102 lots to 107,546 lots, and total positions decreased by 4,912 lots, to 151,814 lots.
 
#0 zinc prices were between RMB 15,590-15,630/mt, with spot discounts of RMB 140-170/mt against SHFE 1409 zinc contract prices. #1 zinc prices were between RMB 15,530-15,550/mt. Shuangyan branded #0 prices were between RMB 15,620-15,630/mt, and RMB 15,580-15,600/mt for Baohui branded #0 zinc. Prices for Yuguang, Qinxin and Feilong branded #0 zinc were RMB 15,600-15,610/mt. Prices of Dongling branded #0 zinc was RMB 15,630/mt, with supply sufficient. Imported zinc supply was ample, with prices for AZ brand around RMB 15,540/mt, and RMB 15,520-15,530/mt for other brands. SHFE 1409 zinc contract prices inched down, and supply was sufficient due to large amounts of imported zinc arriving. Some traders were actively purchasing at lower prices due to expanding spot discounts, and downstream buyers also built stocks at the week’s end, despite their reticence, causing transactions to improve. SHFE 1409 zinc contract prices leveled out in the afternoon, with #0 zinc prices between RMB 15,600-15,630/mt.
 

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