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SMM Zinc Market Daily Review (2014-8-8)
Aug 11, 2014 09:17CST
Source:SMM
SHFE 1410 zinc contract prices opened lower at RMB 16,820/mt on Thursday evening, and fluctuated between RMB 16,860-16,960/mt, and closing at RMB 16,870/mt, down RMB 50/mt or 0.3%.

SHANGHAI, Aug. 11 (SMM) – SHFE 1410 zinc contract prices opened lower at RMB 16,820/mt on Thursday evening, and fluctuated between RMB 16,860-16,960/mt, and closing at RMB 16,870/mt, down RMB 50/mt or 0.3%. Trading volumes grew by 83,228 to 345,408 lots, and total positions decreased by 1,636 to 264,310 lots. SHFE 1410 zinc contract prices opened at RMB 16,870/mt on Friday, and inched down as LME zinc prices pulled down, slumping to a two-week low of RMB 16,595/mt in the afternoon, and closing at RMB 16,640/mt, down RMB 280/mt or 1.65%. Trading volumes increased by 237,798 lots, to 753,548 lots, and total positions decreased by 22,480 lots to 241,830 lots. SHFE 1410 zinc contract prices are expected to test support from RMB 16,500/mt this evening due to the exodus of longs and falling LME zinc prices.

#0 zinc prices were between RMB 16,750-16,840/mt, with spot prices RMB 0-30/mt above SHFE 1410 zinc contract prices. #1 zinc prices were between RMB 16,750-16,780/mt. SHFE 1410 zinc contract prices opened at RMB 16,865/mt and inched down to RMB 16,800-16,820/mt, once falling to as low as RMB 16,730/mt at the end of trading. The price spread between brands narrowed, with cargo holders holding goods. Some smelters held back goods, and some traders purchased actively at lower prices, causing trading to improve. Shuangyan branded #0 zinc prices were RMB 16,760-16,840/mt, with RMB 16,750-16,820/mt for Yuguang, Feilong and Jiulong brand zinc. A large amount of imported zinc flowed into China, with AZ brand #0 zinc prices between RMB 16,730-16,800/mt. SHFE 1410 zinc contract prices fell to RMB 16,610-16,640/mt in the afternoon, with spot premiums expanding to RMB 10-50/mt against SHFE 1410 zinc contract prices, and a wait-and-see sentiment prevailing in the market.
 

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