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[Zn] CBI Morning Review - 2009/7/8 Zinc Market
SHANGHAI, July 8 (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 7th
|
1,570
|
-28
|
37,132
|
220,552
|
351,950
|
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 7th
|
13,160
|
13,155
|
13,251
|
1:6.8326
|
|
|
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 7th
|
13,320
|
13,300
|
13,367
|
13,150
|
Summary
On Monday, Shanghai 0# zinc was traded at RMB 13,150/mt, imported zinc was traded in the RMB 13,050-13,100/mt range, the trading volumes were better than yesterday, but the overall transactions were still weak. Guangdong 0# zinc was traded at RMB 13,150/mt, imported zinc supply decreased in the market, and market players believe zinc price should find support at RMB 13,000/mt, and the transactions were moderate. As to futures market, overnight LME zinc price recovered after hit bottom line, and gained some losses at closing due to weakened US dollar. Yesterday, SHFE 910 contract zinc price opened at RMB 13,375/mt, and then kept fluctuating in the RMB 13,320-13,400/mt range narrowly, with the closing price flat at yesterday levels. The position declined sharply. As July is the seasonal low demand period, the weak market fundamentals continued to depress zinc price, so zinc price will meet downward pressure in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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