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[Zn] SMM Morning Review - 2009/8/12 Zinc Market
SHANGHAI, Aug. 12 (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. 11th
|
1,825
|
-28
|
60,789
|
212,625
|
432,775
|
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. 11th
|
14,890
|
14,825
|
13,920
|
1:6.8352
|
|
|
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. 11th
|
15,070
|
15,020
|
13,732
|
14,725
|
Summary
On Tuesday, 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 were weak, and downstream consumers still stood on the sidelines. Guangdong #0 zinc was traded at RMB 14,500-14,550/mt, #1 zinc and imported zinc were traded at RMB 14,400-14,450/mt, and the falling SHFE zinc prices depressed downstream purchasing interest, so market sentiment was lukewarm.
As to futures market, SHFE zinc three-month contract prices fluctuated above RMB 15,000/mt yesterday, and the positions continued to decrease by 2,772 lots. Spot discounts were about RMB 300/mt in spot market. The downstream buying interest was low, and weak spot prices restricted SHFE zinc prices. Yesterday, China Central Bank released that new yuan loans during July were RMB 355.9 billion. The sharp declines in new loans on a monthly basis will hamper the speculative funds from flowing into stock and futures markets. In this context, zinc prices will remain high, but still with upward trend in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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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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