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

Published: Jan 15, 2015 09:15

Save

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

16 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

16 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

16 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

16 hours ago