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[Zn] SMM Morning Review - 2009/8/5 Zinc Market
SHANGHAI, Aug. 5 (SMM) -- LME Market
|
|
Close
(USD/mt)
|
Premium/Discount
|
Volume
(lot)
|
Position
(lot)
|
Inventory
(mt)
|
|
3-mth Contract
|
Spot – 3 mth
|
||||
|
July Average
|
1,606
|
-25.5
|
46,010
|
215,749
|
358,340
|
|
Aug. 4th
|
1,860
|
-23
|
60,086
|
211,687
|
420,950
|
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
|
|
Aug. 4th
|
14,940
|
14,900
|
13,756
|
1:6.8303
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
0# Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
July 15th
|
13,220
|
13,110
|
13,351
|
13,025
|
|
Aug. 4th
|
15,120
|
15,145
|
13,691
|
14,750
|
Summary
On Tuesday, Shanghai 0# zinc was traded at RMB 14,700-14,800/mt, offers were relatively higher for brands for delivery; 1# zinc was traded at RMB 14,650/mt, SHFE zinc prices fell slightly in the morning, weighing on spot market, so actual transactions were weak in the market, and downstream consumers held a cautious attitude. Guangdong 0# zinc was traded at RMB 14,650 /mt, 1# zinc was traded at RMB 14,600/mt, and imported zinc was traded around RMB 14,550/mt. Spot market remained quiet, and although SHFE zinc prices outperformed SHFE copper and aluminum prices, downstream consumers were waiting for the possible sharp declines in zinc prices after significant increases, so the wait-and-see sentiment dominated spot market.
As to futures market, overnight LME zinc prices soared strongly driven by positive manufacturing data from US and China. SHFE zinc prices fell back from high level, but then moved up slightly at noon propelled by SHFE copper prices. SHFE zinc three-month contract prices closed at RMB 15,215/mt, up 1.47%, and both volumes and positions increased. Last night, the U.S. Institute for Supply Management announced that the manufacturing index in July in the US was better than expected, indicating the shrinkage in manufacturing sector has slowed, and the market expectations over economic recovery helped support zinc prices. SHFE zinc prices have risen for several days, and then fluctuated in the high level due to profit-takings, leaving great downward pressure to zinc prices.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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