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[Zn] CBI Morning Review - 2009/5/22 Zinc Market
SHANGHAI, May 22 (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 21st |
1,450 |
-29 |
38,338 |
223,288 |
318,050 |
SHFE Market
|
|
Zinc – Spot Month (RMB/mt) |
RMB/USD | ||
|
SHFE Close |
Settlement |
Weighted Ave. | ||
|
May 15th |
12,550 |
12,525 |
12,807 |
1:6.8247 |
|
May 21st |
12,610 |
12,620 |
12,687 |
1:6.8245 |
|
|
Zinc – 3mth (RMB/mt) |
Shanghai Spot 0# Zinc Ingot | ||
|
SHFE Close |
Settlement |
Weighted Ave. | ||
|
May 15th |
12,430 |
12,400 |
12,927 |
12,500 |
|
May 21st |
12,710 |
12,740 |
12,827 |
12,850 |
Summary
Yesterday, Shanghai 0# zinc was traded at RMB 12,800-12,900/mt, 1# zinc was traded at RMB 12,700-12,750/mt and imported zinc was traded at RMB 12,750/mt, the transactions became weak and the discount for spot price still existed in the market. Guangdong 0# zinc was traded at RMB 12,600/mt, 1# zinc and imported zinc were traded at RMB 12,500-12,550/mt, the spot transactions remained weak, and the pessimism dominated the market. As to futures market, LME zinc fell, and SHFE zinc price moved in the low level, and then dipped following SHFE copper price trend in the morning. SHFE three-month contract zinc price closed at RMB 12,710/mt. Currently any upward room for zinc price will be limited due to oversupply in the market.
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