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[Zn] CBI Morning Review - 2009/7/6 Zinc Market

iconJul 6, 2009 00:00

SHANGHAI, July 6 (CBI China) -- LME Market 

 
Close
(USD/mt)
Premium/Discount
Volume
(lot)
Position
(lot)
Inventory
(mt)
3-mth Contract
Spot – 3 mth
June Average
1,583
-27
48,135
228,378
333,986
July 3rd
1,555
-27
25,785
223,519
352,600

SHFE Market

 
Zinc – Spot Month (RMB/mt)
RMB/USD
SHFE Close
Settlement
Weighted Ave.
June 15th
13,270
13,450
13,114
1:6.8343
July 3rd       
13,260
13,265
13,261
1:6.8333
 

 
Zinc – 3mth (RMB/mt)
Shanghai Spot
0# Zinc Ingot
SHFE Close
Settlement
Weighted Ave.
June 15th
13,410
13,455
12,880
13,400
July 3rd    
13,380
13,380
13,367
13,250

Summary

Last Friday, Shanghai 0# zinc was traded at RMB 13,250/mt, 1# zinc and imported zinc were traded at RMB 13,150-13,200/mt, the spot market remained quiet, and transactions recorded no significant improvement. Guangdong 0# zinc was traded at RMB 13,250/mt, 1# zinc was traded at RMB 13,200/mt, and imported zinc was traded at RMB 13,150-13,200/mt, the market sentiment was weak and the trading volume was limited. As to futures market, LME zinc price fell, and last Friday SHFE zinc price fluctuated narrowly and plunged at noon, with three-month contract zinc price closing at RMB 13,455/mt. Both trading volumes and positions declined, and wait-and-see attitude prevailed among market players, and zinc price will unlikely rebound in the short term given current high inventory pressure.

 

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