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[Zn] SMM Morning Review - 2009/8/7 Zinc Market
SHANGHAI, Aug. 7 (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. 6th
|
1,860
|
-25.5
|
54,212
|
212,502
|
433,875
|
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. 6th
|
15,080
|
15,035
|
13,872
|
1:6.8304
|
|
|
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. 6th
|
15,210
|
15,180
|
13,714
|
14,725
|
Summary
On Thursday, Shanghai #0 zinc was traded at RMB 14,700-14,750/mt, #1 zinc and imported zinc were traded at RMB 14,650/mt, spot transactions improved slightly, and downstream inquiries were up. Guangdong #0 zinc was traded at RMB 14,650-14,700/mt, and #1 zinc was traded at RMB 14,600-14,650/mt, SHFE zinc prices moved up at noon, and market inquiries were up, but overall transactions remained weak. As to futures market, overnight LME zinc prices soared above USD 1,900/mt, but SHFE zinc prices failed to be driven up by strong LME zinc market, with three-month contract prices moving around RMB 15,300/mt. The positions increased by 311 lots. The U.S. Department of Commerce announced on Wednesday that the US factory orders in June increased by 0.4%, while market forecasts it would decline by 1.0%, generating investors’ expectations on economic recovery. However, spot discounts remained at RMB 500/mt in domestic market. Although speculative funds helped drive up SHFE zinc prices, the downward room still exists in zinc prices given recent weak downstream consumption.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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