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[Zn] SMM Morning Review - 2009/8/14 Zinc Market
SHANGHAI, Aug. 14 (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. 13th
|
1,905
|
-28
|
45,583
|
213,287
|
432,225
|
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
|
|
Aug. 13th
|
15,100
|
14,960
|
13,965
|
1:6.8343
|
|
|
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. 13th
|
15,335
|
15,380
|
13,798
|
14,925
|
Summary
On Thursday, Shanghai #0 zinc was traded at RMB 14,900-14,950/mt, while offers were RMB 15,000-15,050/mt for a small number of brands zinc, with limited trading volumes; #1 zinc was traded at RMB 14,850-14,900/mt, and overall market transactions were weak, and most downstream purchasers held a wait-and-see attitude towards spot prices of RMB 15,000/mt. Guangdong #0 zinc was traded at RMB 14,750-14,850/mt, #1 zinc and imported zinc were traded at RMB 14,700-14,750/mt, SHFE zinc prices climbed to RMB 15,000/mt improved by LME zinc prices, weighing on spot market, so trading sentiment was slim.
As to futures market, SHFE zinc prices jumped yesterday stimulated by strong LME zinc prices, with three-month contract prices closing up to RMB 15,335/mt, and positions decreased by 14,208 lots. On August 12th, the US import data in June was released to be better than expected, suggesting the US demand was improving. Meanwhile, the Fed announced interest rates, directly driving up zinc prices. However, a cautious attitude should be adopted with regard to SHFE zinc price rise in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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