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[Zn] CBI Morning Review - 2009/7/23 Zinc Market
SHANGHAI, July 23 (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 22nd
|
1,695
|
-27
|
41,289
|
212,124
|
353,000
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
July 15th
|
13,050
|
13,005
|
13,188
|
1:6.8328
|
|
July 22nd
|
13,600
|
13,600
|
13,464
|
1:6.8309
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
0# Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
July 15th
|
13,220
|
13,110
|
13,351
|
13,025
|
|
July 22nd
|
13,715
|
13,725
|
13,520
|
13,425
|
Summary
Yesterday, Shanghai 0# zinc was traded at RMB 13,400-13,450/mt, 1# zinc was traded at RMB 13,400/mt, and imported zinc was traded at RMB 13,350-13,400/mt, and transactions were weak. Guangdong 0# zinc was traded at RMB 13,400-13,450/mt, 1# zinc was traded at RMB 13,350/mt, and transactions remained weak in spot market. As to futures market, overnight LME zinc price slipped, and SHFE zinc price fell slightly as well on Wednesday. Struggles between long and short positions have been intense, and SHFE zinc price fluctuated wildly and closed at RMB 13,715/mt, with total positions down slightly. Currently, any downward room for zinc futures price will be limited, as 5-day average line will help support zinc price.
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