SMM Zinc Market Daily Review (2015-4-23)

Published: Apr 24, 2015 09:36

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SHFE 1506 zinc contract started at RMB 16,605/mt on Thursday and dipped to a low of RMB 16,430/mt after HSBC reported China’s manufacturing PMI weakened.

SHANGHAI, Apr. 24 (SMM) – SHFE 1506 zinc contract started at RMB 16,605/mt on Thursday and dipped to a low of RMB 16,430/mt after HSBC reported China’s manufacturing PMI weakened. Later, the prices regained some earlier losses and closed at RMB 16,560/mt, up RMB 35/mt. Trading volumes increased 21,836 lots and positions declined 2964.

Prices of #0 zinc were RMB 16,380-16,450/mt, with discounts of RMB 60-100/mt to SHFE 1506 zinc contract. #1 zinc traded at RMB 16,300-16,340/mt. Supply of ordinary brands declined some after SHFE zinc declined early Thursday, while downstream buyers refrained from buying for fear of further falls.

As for #0 zinc trades, Shuangyan brand sold for RMB 16,410-16,450/mt, with discounts of RMB 60-80/mt to SHFE 1506 zinc contract. Yuguang brand traded at RMB 16,400-16,440/mt, with discounts of RMB 80-100/mt. Product of Qilin and Qinxin brands traded at RMB 16,380-16,400/mt. Transactions of SMC were made at RMB 16,370-16,390/mt, and prices of nanometer #0 zinc were RMB 16,320-16,340/mt, a discount of RMB 160/mt to the June delivery SHFE zinc. Spot discounts widened slightly to RMB 80-110/mt in the afternoon.

SHFE zinc prices spot 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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