[Zn Price] SMM Zinc Market Morning Review (2015-8-11)

Published: Aug 11, 2015 10:03

Save

A Fed official said they may not raise interest rate in September, weighing on the US dollar.

SHANGHAI, Aug. 11 (SMM) – A Fed official said they may not raise interest rate in September, weighing on the US dollar. When combined with stimulus measures from China, base metals prices extended gains due to short covering. China’s A-share market surged on Monday, posting the biggest one-day gain over the past month. Meanwhile, China’s home price index in Q2 increased with trading volumes also growing, boosting market sentiment.

LME zinc prices opened at USD 1,857/mt, and rose to a two-day high of USD 1,900/mt, and closed at USD 1,895/mt, up USD 37.5/mt or 2.02%. Trading volumes decreased 2,901 to 9,611 lots, and total positions declined 3,664 to 308,000. LME zinc inventories fell 1,450 to 426,800 mt.

SHFE 1510 zinc contract prices opened at RMB 14,540/mt Monday evening, then climbed to RMB 14,740/mt, and closed at RMB 14,655/mt. Trading volumes of SHFE 1510 zinc contracts increased 8,418 to 97,078 lots, and total positions fell 1,306 to 169,366. Total trading volumes were over 130,000 lots, and total positions were down 926 to 347,036.

LME zinc prices should move between USD 1,880-1,910/mt today, and SHEF 1510 zinc contract prices will hover between RMB 14,600-14,700/mt, with spot premiums of RMB 330-380/mt.

Zn Price LME zinc prices SHFE zinc price

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

13 hours ago

LME Aluminum Inventory Down 0.56% to 440,300 mt on March 17, Drops 8.56% Over Past Month

[SMM Aluminum Flash News] On March 17, LME aluminum inventory stood at 440,300 mt, down 2,500 mt from the previous day, a decrease of 0.56%; over the past week, LME aluminum inventory decreased by a cumulative 12,100 mt, a drop of 2.66%; over the past month, LME aluminum inventory decreased by a cumulative 41,200 mt, a decline of 8.56%.

13 hours ago

The aluminum ingot market showed a mild recovery, while aluminum billet processing fees remained under pressure [SMM South China Spot Aluminum Daily Review]

13 hours ago

14 hours ago

SHFE Cast Aluminum Alloy Warrants Drop to 53,078 MT, Down 362 MT from Previous Day

[SMM Flash News] SHFE data showed that as of March 17, the total registered volume of cast aluminum alloy warrants was 53,078 mt, a decrease of 362 mt from the previous trading day. By region, the total registered volumes were Shanghai (4,508 mt, down 92 mt), Guangdong (18,792 mt, down 300 mt), Jiangsu (6,818 mt, up 392 mt), Zhejiang (17,338 mt, down 332 mt), Chongqing (4,114 mt, unchanged), and Sichuan (1,508 mt, down 30 mt).

14 hours ago