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[Zn] CBI Morning Review - 2009/5/25 Zinc Market

iconMay 25, 2009 00:00

SHANGHAI, May 25 (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 22nd

1,515

-26

39,095

221,231

317,750

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 22nd    

12,775

12,655

12,684

1:6.8239

 

 

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 22nd   

12,865

12,785

12,819

12,750

Summary

Last Friday, Shanghai 0# zinc was traded at RMB 12,750/mt, 1# zinc was traded at RMB 12,650-12,700/mt, and the price of imported zinc was RMB 12,600-12,650/mt, the firm SHFE zinc price depressed the buying interest of downstream producers, and the overall transactions were general. Guangdong 0# zinc was traded at RMB 12,600-12,650/mt, 1# zinc and imported zinc were traded at RMB 12,550-12,600/mt, the inventories increased, and the wait-and-see attitude dominated the market, leading to modest transactions. As to futures market, LME zinc fell, while SHFE zinc price rebounded last Friday, and showed a firm performance. Although SHFE zinc price fell slightly following the SHFE copper price trend at noon, it improved in the afternoon and closed at RMB 12,865/mt. The good performance of SHFE zinc price boosted the market sentiment, but the inventory pressure still hampered zinc price.

 

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