SMM Zinc Market Morning Review (2015-7-3)

Published: Jul 3, 2015 09:48

Save

LME zinc prices opened at USD 2,041/mt Thursday, and touched USD 2,059.5/mt then fell back to USD 2,030/mt, and closed at USD 2,027/mt, down USD 21.5/mt or 1.05%.

SHANGHAI, Jul. 3 (SMM) – LME zinc prices opened at USD 2,041/mt Thursday, and touched USD 2,059.5/mt then fell back to USD 2,030/mt, and closed at USD 2,027/mt, down USD 21.5/mt or 1.05%. Trading volumes decreased 3,348 to 10,171 lots, and total positions grew 2,369 to 300,000. LME zinc inventories fell 900 to 464,725 mt.

SHFE 1509 zinc contract prices opened at RMB 15,550/mt Thursday evening, then touched RMB 15,655/mt, but fell back to RMB 15,500-15,550/mt later on and closed at RMB 15,545/mt, up RMB 60/mt or 0.39%. Trading volumes decreased over 10,000 to 73,080 lots, and total positions grew 5,990 to 140,000.

US markets are closed today due to the Independence Day. When combined with the upcoming referendum in Greece and result of Fed’s meeting minutes, the market will be cautious. LME zinc prices should move between USD 2,015-2,045/mt today, and SHFE 1509 zinc contract prices will fluctuate between RMB 15,480-15,580/mt, with spot price range from RMB 20/mt below to RMB 10/mt above SHFE 1509 zinc contract prices.

LME 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 for 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

25 mins ago

National copper inventories continue to decline; pre-holiday stockpiling supports demand recovery [SMM Weekly Data]

25 mins ago

51 mins ago

SHFE/LME price ratio declines with limited offers and bids, morning market quiet [SMM Yangshan spot copper]

51 mins ago

2 hours ago

Shanghai inventory drops sharply amid pre-holiday stockpiling; spot premiums expected to stay firm [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SMM recorded social inventory in Shanghai at 43,900 mt, down 14,700 mt MoM; social inventory in Jiangsu stood at 20,600 mt, down 200 mt MoM. Trading performance was relatively strong last Thursday and Friday, with downstream processing enterprises picking up goods as usual, while limited inbound supply replenished warehouses, driving a notable decline in Shanghai inventory and keeping available cargoes in the market persistently tight. Although some imported copper arrived successively, most of it flowed directly to downstream processing enterprises and did not enter warehouse statistics. Meanwhile, as the Mid-Autumn Festival and National Day holidays approach, some downstream enterprises have begun pre-holiday stockpiling, further boosting spot procurement demand. Overall, supported by low inventory, tight availability of cargoes, and pre-holiday stockpiling demand, Shanghai spot premiums are expected to have room to edge up slightly tomorrow.

2 hours ago