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SMM Zinc Market Daily Review (2014-10-17)
Oct 20,2014 09:29CST
price review forecast
Source:SMM
SHFE 1412 zinc contract prices opened low at RMB 16,140/mt overnight, and touched RMB 16,265/mt with the entrance of longs.

SHANGHAI, Oct. 20 (SMM) – SHFE 1412 zinc contract prices opened low at RMB 16,140/mt overnight, and touched RMB 16,265/mt with the entrance of longs, and closed at RMB 16,250/mt, down RMB 175/mt or 1.07%. Trading volumes increased 15,918 to 424,004 lots, and total positions decreased 856 to 159,726 lots. SHFE 1412 zinc contract prices opened at RMB 16,250/mt October 17, then stabilized between RMB 16,170-16,285/mt, and closed at RMB 16,170/mt, down RMB 255/mt or 1.55%. Trading volumes decreased 126,000, to 587,000 lots, and total positions were down 3,064 lots to 158,000 lots. SHFE 1412 zinc contract prices are expected to test RMB 16,000/mt.

#0 zinc prices were between RMB 16,520-16,570/mt, with spot premiums of RMB 300-350/mt against SHFE 1412 zinc contract prices. #1 zinc prices were between RMB 16,420-16,450/mt, with the price spread between #1 and #0 zinc expanding to RMB 100/mt. SHFE 1412 zinc contract prices fluctuated around RMB 16,220/mt, down RMB 80/mt from the previous trading day. Smelters held back goods as zinc prices fell, high spot premiums allowed traders to move goods actively. When combined with some goods releases after delivery, supply was sufficient. But high premiums deterred traders from purchasing. This, combined with small SHFE zinc price volatility, left transactions muted. Downstream buyers purchased modestly as they had replenished stocks. Shuangyan branded #0 zinc prices were RMB 16,560-16,570/mt, and prices for Yuguang were RMB 16,550-16,560/mt. Qilin, Jiulong, Feilong and Hongda zinc prices were RMB 16,540-16,550/mt. Baiyin zinc prices were RMB 16,520-16,530/mt. prices of imported zinc were SHFE 280/mt above SHFE 1412 zinc contract prices, with imported zinc availability extremely limited in Shanghai. SHFE 1412 zinc contract prices consolidated in the afternoon, with trading muted.
 

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