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[Zn] CBI Morning Review - 2009/5/5 Zinc Market
SHANGHAI, May 5 (CBI China) -- LME Market
|
|
Close (USD/mt) |
Premium/Discount |
Volume (lot) |
Position (lot) |
Inventory (mt) |
|
3-mth Contract |
Spot – 3 mth | ||||
|
Apr. Average |
1,412 |
-31 |
52,985 |
208,638 |
344,765 |
|
May 4th |
Close | ||||
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 |
|
May 4th |
13,140 |
13,080 |
12,802 |
1:6.8225 |
|
|
Zinc – 3mth (RMB/mt) |
Shanghai Spot 0# Zinc Ingot | ||
|
SHFE Close |
Settlement |
Weighted Ave. | ||
|
Apr. 15th |
13,085 |
13,070 |
11,358 |
13,250 |
|
May 4th |
13,140 |
13,055 |
12,930 |
13,100 |
Summary
Yesterday, Shanghai 0# zinc was traded at RMB 13,100/mt, 1# zinc was traded at RMB 13,000/mt, and the price of imported zinc was RMB 12,900-12,950/mt, the sentiment was low in spot market during the first trading day after the holiday, so the transactions were slim. Guangdong 0# zinc was traded at RMB 13,050/mt, 1# zinc was traded at RMB 13,020/mt and the imported zinc was traded at RMB 13,000/mt, it seems the market players were optimistic about the price outlook, but the purchase ability of downstream producers was limited. As to futures market, LME zinc price continued to rise during the holiday, and SHFE zinc opened at high and then soared to the increasing limit driven by SHFE copper at noon, with the dominant position up 7,678 lots. LME zinc price has strong upward momentum despite of weak spot market, and LME zinc price will continue to pick up in the short term.
Copyright ? 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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