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[Zn] SMM Morning Review - 2009/8/3 Zinc Market

iconAug 3, 2009 00:00

SHANGHAI, Aug. 3 (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 31st        
1,750
-25
47,692
209,837
393,225

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 31st             
14,300
14,255
13,686
1:6.8323
 

 
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 31st        
14,510
14,395
13,648
14,050

Summary

Last Friday, Shanghai 0# zinc was traded at RMB 14,000-14,100/mt, 1# zinc and imported zinc were traded at RMB 13,950-14,000/mt, zinc prices climbed again, depressed downstream purchasing interest, and overall transactions were weak. SHFE zinc prices increased to daily limit, generating the downstream buying interest, Guangdong 0# zinc was traded at RMB 14,050-14,100/mt, 1# zinc was traded at RMB 14,000/mt. As to futures market, overnight LME zinc prices advanced, and SHFE zinc prices also showed strong performance. Both SHFE zinc and copper prices increased to daily limit at noon. SHFE zinc three-month contract prices closed at a new high of RMB 14,610/mt, and both volumes and positions reported no significant increases. SHFE zinc prices are expected to continue to fluctuate widely during this week.

 

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