SMM Zinc Market Morning Review (2014-8-28)-Shanghai Metals Market

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SMM Zinc Market Morning Review (2014-8-28)

Price Review & Forecast 09:28:47AM Aug 28, 2014 Source:SMM

SHANGHAI, Aug. 28 (SMM) – There was no important economic data released overnight, and investors also lacked buying interest, constraining US stocks gains. LME zinc prices opened at USD 2,353/mt overnight, and fluctuated between USD 2,340-2,360/mt, and closed at USD 2,359.25/mt, up 4/mt or 0.17%. Trading volumes decreased by 707 to 6,376 lots, and total positions increased by 970 to 307,940 lots. LME zinc inventories fell 1,325 to 732,800 mt.

SHFE 1411 zinc contract prices opened at RMB 16,800/mt Wednesday evening, then hovered around RMB 16,850/mt, and closing at RMB 16,865/mt, down RMB 45/mt or 0.27%. Trading volumes decreased 31,124 lots to 72,188 lots, and total positions grew by 3,646 to 221,590 lots.

Profit at China's large enterprises in July and US Q2 GDP data will be announced today. LME zinc prices will fluctuate between USD 2,345-2,370/mt today, and SHFE 1411 zinc contract prices will move between RMB 16,800-16,950/mt, with spot premiums between RMB 0-30/mt against SHFE 1411 zinc contract prices.
 

Key Words:  zinc prices 

SMM Zinc Market Morning Review (2014-8-28)

Price Review & Forecast 09:28:47AM Aug 28, 2014 Source:SMM

SHANGHAI, Aug. 28 (SMM) – There was no important economic data released overnight, and investors also lacked buying interest, constraining US stocks gains. LME zinc prices opened at USD 2,353/mt overnight, and fluctuated between USD 2,340-2,360/mt, and closed at USD 2,359.25/mt, up 4/mt or 0.17%. Trading volumes decreased by 707 to 6,376 lots, and total positions increased by 970 to 307,940 lots. LME zinc inventories fell 1,325 to 732,800 mt.

SHFE 1411 zinc contract prices opened at RMB 16,800/mt Wednesday evening, then hovered around RMB 16,850/mt, and closing at RMB 16,865/mt, down RMB 45/mt or 0.27%. Trading volumes decreased 31,124 lots to 72,188 lots, and total positions grew by 3,646 to 221,590 lots.

Profit at China's large enterprises in July and US Q2 GDP data will be announced today. LME zinc prices will fluctuate between USD 2,345-2,370/mt today, and SHFE 1411 zinc contract prices will move between RMB 16,800-16,950/mt, with spot premiums between RMB 0-30/mt against SHFE 1411 zinc contract prices.
 

Key Words:  zinc prices