SMM Zinc Market Daily Review (2014-8-5)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2014-8-5)

Price Review & Forecast 09:51:26AM Aug 06, 2014 Source:SMM

SHANGHAI, Aug. 6 (SMM) – SHFE 1410 zinc contract prices opened at RMB 16,950/mt on Monday evening, touching RMB 17,190/mt and closing at RMB 17,135/mt, up RMB 325/mt or 1.93%. Trading volumes increased by 89,258 to 319,160 lots, and total positions increased by 25,156 to 299,892 lots. SHFE 1410 zinc contract prices opened at RMB 17,130/mt on Tuesday, and fell after touching RMB 17,160/mt due to an exodus of investors after profit-taking and falling LME zinc prices, and closed at RMB 17,045/mt, up RMB 235/mt or 1.4%. Trading volumes decreased by 23,508 lots, to 232,294 lots, and total positions decreased by 12,418 lots to 287,474 lots. SHFE 1410 zinc contract prices met resistance at the 10-day moving average, and are expected to hover around RMB 17,000/mt this evening.

#0 zinc prices were between RMB 17,040-17,100/mt, with spot discounts of RMB 10-30/mt against SHFE 1410 zinc contract prices. #1 zinc prices were between RMB 17,000-17,030/mt. SHFE 1410 zinc contract prices opened at RMB 17,125/mt, then fluctuated between RMB 17,080-17,120/mt, with spot discounts of #0 zinc between RMB 20-30/mt. SHFE 1410 zinc contract prices fell slightly to RMB 17,060/mt at the end of trading, causing spot discounts to narrow to zero. Smelters held back goods due to rising zinc prices, and spot prices followed SHFE zinc price trends. Some cargo holders sold actively, and downstream buyers purchased as need, with transactions improving. Shuangyan branded #0 zinc prices were RMB 17,070-17,100/mt, with RMB 17,040-17,070/mt for Yuguang, Qinxin, Qilin, AZ and Feilong brand zinc. Shuangyan brand zinc was once quoted between RMB 17050-17060/mt at the end of trading, with RMB 17,030-17,040/mt for regular #0 zinc. SHFE 1410 zinc contract prices fluctuated between RMB 17,045-17,095/mt in the afternoon, with spot discounts between RMB 10-30/mt. #0 zinc prices were between RMB 17,020-17,080/mt.
 

Key Words:  zinc prices 

SMM Zinc Market Daily Review (2014-8-5)

Price Review & Forecast 09:51:26AM Aug 06, 2014 Source:SMM

SHANGHAI, Aug. 6 (SMM) – SHFE 1410 zinc contract prices opened at RMB 16,950/mt on Monday evening, touching RMB 17,190/mt and closing at RMB 17,135/mt, up RMB 325/mt or 1.93%. Trading volumes increased by 89,258 to 319,160 lots, and total positions increased by 25,156 to 299,892 lots. SHFE 1410 zinc contract prices opened at RMB 17,130/mt on Tuesday, and fell after touching RMB 17,160/mt due to an exodus of investors after profit-taking and falling LME zinc prices, and closed at RMB 17,045/mt, up RMB 235/mt or 1.4%. Trading volumes decreased by 23,508 lots, to 232,294 lots, and total positions decreased by 12,418 lots to 287,474 lots. SHFE 1410 zinc contract prices met resistance at the 10-day moving average, and are expected to hover around RMB 17,000/mt this evening.

#0 zinc prices were between RMB 17,040-17,100/mt, with spot discounts of RMB 10-30/mt against SHFE 1410 zinc contract prices. #1 zinc prices were between RMB 17,000-17,030/mt. SHFE 1410 zinc contract prices opened at RMB 17,125/mt, then fluctuated between RMB 17,080-17,120/mt, with spot discounts of #0 zinc between RMB 20-30/mt. SHFE 1410 zinc contract prices fell slightly to RMB 17,060/mt at the end of trading, causing spot discounts to narrow to zero. Smelters held back goods due to rising zinc prices, and spot prices followed SHFE zinc price trends. Some cargo holders sold actively, and downstream buyers purchased as need, with transactions improving. Shuangyan branded #0 zinc prices were RMB 17,070-17,100/mt, with RMB 17,040-17,070/mt for Yuguang, Qinxin, Qilin, AZ and Feilong brand zinc. Shuangyan brand zinc was once quoted between RMB 17050-17060/mt at the end of trading, with RMB 17,030-17,040/mt for regular #0 zinc. SHFE 1410 zinc contract prices fluctuated between RMB 17,045-17,095/mt in the afternoon, with spot discounts between RMB 10-30/mt. #0 zinc prices were between RMB 17,020-17,080/mt.
 

Key Words:  zinc prices