SMM Zinc Market Daily Review (2015-1-14)

Published: Jan 15, 2015 09:15

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SHFE 1503 zinc contract prices opened lower at RMB 16,080/mt Tuesday evening, then hovered around RMB 16,100/mt, and closing at RMB 16,105/mt, down RMB 220/mt or 1.35%.

SHANGHAI, Jan. 15 (SMM) – SHFE 1503 zinc contract prices opened lower at RMB 16,080/mt Tuesday evening, then hovered around RMB 16,100/mt, and closing at RMB 16,105/mt, down RMB 220/mt or 1.35%. Trading volumes were up 34,564 to 102,048 lots, and total positions increased 3,932 to 164,262. SHFE 1503 zinc contract prices opened at RMB 16,050/mt on Wednesday, then inched lower, dipping to as low as RMB 15,550/mt in the morning, and closing at RMB 15,630/mt, down RMB 695/mt or 4.26%. Trading volumes surged 420,596 to 573,954 lots. Total positions were up 26,528 to 186,858. SHFE 1503 zinc contract prices are expected to fall further.

#0 zinc prices were between RMB 15,950-16,030/mt, with spot premiums of RMB 260-330/mt against SHFE 1503 zinc contract prices. #1 zinc prices were RMB 15,900-15,940/mt. SHFE 1503 zinc contract prices dived to RMB 15,550/mt after opening, then moved around RMB 15700/mt during 10:30-11:30 am. Smelters withdrew as zinc prices plunge, with trading mainly between arbitrage traders. When combined with a large inflow of imported zinc, domestic zinc prices were weighed down. Downstream buyers purchased modestly, and overall transactions remained quiet. Huize #0 zinc prices were RMB 420-430/mt above SHFE 1503 zinc contract prices. Shuangyan #0 zinc prices were RMB 15,990-16,030/mt, RMB 300-330/mt above SHFE 1503 zinc contract prices. Mengzi, Qilin and Qinxin zinc prices were between RMB 15,950-15,970/mt, RMB 260-280/mt above SHFE 1503 zinc contract prices. Indian, Peruvian and Namibia’s zinc prices were between RMB 15,850-15,900/mt, RMB 180-200/mt above SHFE 1503 zinc contract prices. SHFE 1503 zinc contract prices consolidated in the afternoon, with spot premiums between RMB 270-320/mt.

spot zinc prices zinc prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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