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[Zn] SMM Morning Review - 2009/7/30 Zinc Market

iconJul 30, 2009 00:00

SHANGHAI, July 30 (SMM) -- 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 29th     
1,650
-25.5
49,883
209,016
378,075

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 29th            
13,620
13,865
13,639
1:6.8314
 

 
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 29th       
13,790
13,970
13,637
13,775

Summary

On Wednesday, Shanghai 0# zinc was traded at RMB 13,750-13,800/mt, 1# zinc was traded at RMB 13,700-13,750/mt and imported zinc was traded at RMB 13,650/mt, the wait-and-see sentiment dominated the market after SHFE zinc prices plunged, and traded prices were mixed, with lukewarm transactions. Guangdong 0# zinc was traded at RMB 13,700/mt, 1# zinc was traded at RMB 13,650/mt, market trading volumes were very limited. As to futures market, overnight LME zinc price slumped, and SHFE three-month contract zinc prices fell by 4% to RMB 13,855/mt yesterday dragged down by plunged copper prices and stock markets, with panic sell-off activities appearing in the market. Zinc prices have lost previous gains and should find support at RMB 13,600/mt.

 

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