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[Zn] CBI Morning Review - 2009/7/24 Zinc Market
SHANGHAI, July 24 (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 23rd
|
1,680
|
-23.5
|
91,312
|
211,714
|
352,825
|
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 23rd
|
13,655
|
13,705
|
13,513
|
1:6.8307
|
|
|
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 23rd
|
13,785
|
13,830
|
13,543
|
13,550
|
Summary
Yesterday, Shanghai 0# zinc was traded at RMB 13,550/mt, 1# zinc and imported zinc were traded at RMB 13,500/mt, the rising SHFE zinc price eroded the advantage of imported zinc, and the overall transactions were weak in the market. Guangdong 0# zinc was traded at RMB 13,450/mt, 1# zinc was traded at RMB 13,400/mt, and transactions remained weak in spot market, the downstream purchasing interest was sluggish, resulting in declining trading volumes. As to futures market, overnight LME zinc price moved up significantly, and yesterday SHFE zinc price opened higher and fluctuated lower negatively affected by falling copper price, and closed at RMB 13,785/mt. The dominant positions decreased sharply. The weak downstream demand restricted upward momentum for zinc price, and zinc price received downward pressure from RMB 14,000/mt.
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