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SMM Zinc Market Daily Review (2014-7-31)
Aug 1, 2014 09:07CST
Source:SMM
SHFE 1410 zinc contract prices opened at RMB 16,930/mt overnight, slumping to RMB 16,805/mt but then rebounding, and moving between RMB 16,940-17,000/mt, touching as high as RMB 17,015/mt.

SHANGHAI, Aug. 1 (SMM) – SHFE 1410 zinc contract prices opened at RMB 16,930/mt overnight, slumping to RMB 16,805/mt but then rebounding, and moving between RMB 16,940-17,000/mt, touching as high as RMB 17,015/mt, and closing at RMB 16,970/mt, up RMB 60/mt or 0.35%. Trading volumes increased by 22,840 to 431,292 lots, and total positions increased by 18,586 to 280,962 lots. SHFE 1410 zinc contract prices opened at RMB 16,910/mt on Thursday, and inched down to RMB 16,805/mt as LME zinc prices fell. As shorts increased positions significantly, SHFE 1410 zinc contract prices lacked ability to rise, and closed at RMB 16,860/mt, down RMB 50/mt or 0.3%. Trading volumes decreased by 142,694 lots, to 331,548 lots, and total positions decreased by 3,282 lots to 277,680 lots. SHFE 1410 zinc contract prices are expected to fall to test the 20-day moving average in the evening.

#0 zinc prices were between RMB 16,850-16,910/mt, with spot discounts of RMB 0-40/mt against SHFE 1410 zinc contract prices. #1 zinc prices were between RMB 16,800-16,850/mt. SHFE 1410 zinc contract prices dipped to RMB 16,805/mt during 9:00-10:15 am, with cargo holders actively selling and a large number of bargain hunters entering the market, and transactions brisk. #0 zinc prices were between RMB 16,850-16,890/mt. SHFE 1410 zinc contract prices rebounded slightly to RMB 16,920/mt during 10:30-11:30 am, but spot discounts remained between RMB 0-40/mt, causing purchases to decrease. Downstream buying interest was low, leaving transactions weak. Shuangyan branded #0 zinc prices were RMB 16,880-16,910/mt during 10:30-11:30 am, with RMB 16,860-16,880/mt for Yuguang, Qinxin and Qilin brand zinc, and RMB 16,840-16,860/mt for imported #0 zinc. SHFE 1410 zinc contract prices fell to RMB 16,845/mt in the afternoon, with spot discounts between RMB 0-30/mt, and #0 zinc prices between RMB 16,820-16,900/mt.
 

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