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[Zn] SMM Morning Review - 2009/8/6 Zinc Market
SHANGHAI, Aug. 6 (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. 5th
|
1,920
|
-25
|
58,515
|
211,562
|
434,050
|
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. 5th
|
15,100
|
15,075
|
13,842
|
1:6.8306
|
|
|
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. 5th
|
15,195
|
15,265
|
13,701
|
14,875
|
Summary
On Wednesday, Shanghai #0 zinc was traded at RMB 14,850-14,900/mt, offers were RMB 14,900-15,000/mt for brands for delivery; #1 zinc and imported zinc were traded at RMB 14,800/mt, spot transactions were general, and SHFE zinc prices stabilized, and downstream consumers purchased limitedly. The proportion of downstream consumers in spot transactions was very low. Guangdong #0 zinc ingot for delivery was traded at RMB 15,000/mt, with very scarce transactions. #0 zinc was traded at RMB14,750-14,800/mt, and #1 zinc was traded at RMB 14,700/mt. SHFE zinc prices fluctuated slightly, with limited inquiries for spot zinc and low downstream purchasing interest.
As to futures market, yesterday SHFE zinc prices fluctuated in the high level, and great growth rate for zinc prices generated large number of profit-takers. SHFE zinc prices faced resistance in recovering track, and SHFE zinc three-month contract prices fluctuated downward, and closed at RMB 15,300/mt finally. Both volumes and positions decreased, and continuous increases in LME zinc inventories limited the upward momentum for zinc prices. The upward momentum for SHFE zinc prices faded in the short term, but the upward trend for zinc prices will remain unchanged.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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