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[Zn] CBI Morning Review - 2009/7/16 Zinc Market
SHANGHAI, July 16 (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 15th
|
1,540
|
-27
|
43,895
|
212,626
|
353,850
|
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 15th
|
13,050
|
13,005
|
13,188
|
1:6.8328
|
|
|
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 15th
|
13,220
|
13,110
|
13,351
|
13,025
|
Summary
Yesterday, Shanghai 0# zinc was traded at RMB 13,000-13,050/mt, 1# zinc and imported zinc were traded at RMB 12,950-13,000/mt, and transactions were lukewarm in spot market. Guangdong 0# zinc was traded at RMB 13,000/mt, 1# zinc and imported zinc were traded at RMB 12,950/mt, and transactions were weak in spot market, and downstream producers adopted cautious attitude towards purchase. As to futures market, overnight LME zinc price advanced. Today is the delivery date for spot-month contract, and SHFE zinc price fluctuated upward, with three-month contract zinc price closing at RMB 13,250/mt. The positions shrank sharply, signaling the withdrawal of short positions. Any upward room for zinc price will be limited due to weak market fundamentals.
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