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SMM Zinc Market Daily Review (2014-10-28)
Oct 29,2014 09:23CST
price review forecast
Source:SMM
SHFE 1412 zinc contract prices opened at RMB 16,615/mt on Monday, then falling to RMB 16,565-16,600/mt, and closing at RMB 16,560/mt, down RMB 25/mt or 0.15%.

SHANGHAI, Oct. 29 (SMM) – SHFE 1412 zinc contract prices opened at RMB 16,615/mt on Monday, then falling to RMB 16,565-16,600/mt, and closing at RMB 16,560/mt, down RMB 25/mt or 0.15%. Trading volumes were down 79,382 to 64,176 lots, and total positions rose 528 to 133,356 lots. SHFE 1501 zinc contract became the most actively traded contract Tuesday, opening at RMB 16,535/mt, then touching as high as RMB 16,595/mt. But as LME zinc prices inched down, SHFE 1501 zinc contract prices weakened below RMB 16,500/mt in the afternoon, and closing at RMB 16,485/mt, down RMB 60/mt or 0.36%. Trading volumes decreased 51,398, to 95,466 lots, and total positions were up 314 lots to 128,896 lots. SHFE 1412 zinc contract prices are expected to follow a downward track.

#0 zinc prices were between RMB 16,850-16,910/mt, with spot premiums of RMB 260-310/mt against SHFE 1412 zinc contract prices. #1 zinc prices were between RMB 16,820-16,830/mt. SHFE 1412 zinc contract prices were flat with the previous trading day, with spot premiums narrowing. Smelters sold actively on rising zinc prices, while traders also liquidated inventories to generate cash. Spot premiums are expected to narrow further due to additional inflows of imported zinc. Purchase by traders was modest. Downstream buying interest was also weak due to cash flow tightness at the month’s end, leaving overall trading muted. Shuangyan branded #0 zinc prices were RMB 16,900-16,910/mt, and prices for Yuguang zinc were RMB 16,870-16,900/mt. Jiulong and Qinxin zinc prices were RMB 16,870-16,880/mt, with RMB 16,850-16,860/mt for Mengzi, Baiyin and Qilin zinc. Belgian #0 zinc prices were RMB 16,840-16,850/mt. SHFE 1412 zinc contract prices fell RMB 50/mt in the afternoon, with spot premiums between RMB 250-310/mt. purchase for Shuangyan zinc was sluggish due to firm prices, but some bargain hunters purchased Baiyin and Qilin zinc on lower prices from growing supply. But overall transactions did not improve. Spot #0 zinc prices were RMB 16,770-16,850/mt.

 

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