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[Zn] CBI Morning Review - 2009/5/4 Zinc Market
SHANGHAI, May 4 (CBI China) -- LME Market
|
|
Close (USD/mt) |
Premium/Discount |
Volume (lot) |
Position (lot) |
Inventory (mt) |
|
3-mth Contract |
Spot – 3 mth | ||||
|
Mar. Average |
1,251 |
-28 |
54,088 |
207,023 |
347,170 |
|
Apr. 30th |
1,420 |
-24 |
63,211 |
212,297 |
332,275 |
|
May 1st |
1,505 |
-23 |
51,243 |
215,474 |
328,950 |
SHFE Market
|
|
Zinc – Spot Month (RMB/mt) |
RMB/USD | ||
|
SHFE Close |
Settlement |
Weighted Ave. | ||
|
Apr. 15th |
13,000 |
13,070 |
11,733 |
1:6.8293 |
|
Apr. 30th |
12,380 |
12,405 |
12,796 |
1:6.8250 |
|
|
Zinc – 3mth (RMB/mt) |
Shanghai Spot 0# Zinc Ingot | ||
|
SHFE Close |
Settlement |
Weighted Ave. | ||
|
Apr. 15th |
13,085 |
13,070 |
11,358 |
13,250 |
|
Apr. 30th |
12,425 |
12,400 |
12,929 |
12,425 |
Summary
On April 30th, Shanghai 0# zinc was traded at RMB 12,400-12,450/mt, 1# zinc was traded at RMB 12,350-12,400/mt, and the price of imported zinc was RMB 12,300-12,350/mt, the trading sentiment was slim in the last trading day before the holiday. Guangdong 0# zinc was traded at RMB 12,400/mt, 1# zinc was traded at RMB 12,350/mt and the imported zinc was traded at RMB 12,300/mt, the market sentiment was weak as the Labor Day approaches. As to futures market, SHFE current month zinc price opened at RMB 12,400/mt, and the three-month contract trading volumes increased significantly, while the position declined by 1,424 lots. The wait-and-see attitude still dominated the market before the holiday. The soft US stock price pushed up the LME metal market during Labor Day holiday. LME zinc price rebounded sharply to USD 1,500/mt on May 1st, up 6%. Any upward room for LME zinc is limited, so LME zinc price will meet the downward pressure in the short term.
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