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[Zn] SMM Morning Review - 2009/8/19 Zinc Market
SHANGHAI, Aug. 19 (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. 18th
|
1,785
|
-27
|
70,746
|
218,019
|
433,375
|
SHFE Market
|
|
Zinc – Spot Month (RMB/mt)
|
RMB/USD
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Aug. 17th
|
14,315
|
14,285
|
13,948
|
1:6.8333
|
|
Aug. 18th
|
14,600
|
14,425
|
13,961
|
1:6.8339
|
|
|
Zinc – 3mth (RMB/mt)
|
Shanghai Spot
#0 Zinc Ingot
|
||
|
SHFE Close
|
Settlement
|
Weighted Ave.
|
||
|
Aug. 17th
|
14,515
|
14,530
|
13,528
|
14,300
|
|
Aug. 18th
|
14,845
|
14,680
|
13,552
|
14,325
|
Summary
On Tuesday, Shanghai #0 zinc was traded at RMB 14,300-14,350/mt, #1 zinc and imported zinc were traded at RMB 14,250-14,300/mt. Today, spot market showed active performance, with increased inquiries and improved trading sentiment. Although a number of downstream enterprises remained cautious about purchases, most of market insiders believe current zinc spot prices were in the low level and transactions improved significantly in spot market. Guangdong #0 zinc was traded at RMB 14,200-14,250/mt, #1 zinc and imported zinc were traded at RMB 14,150-14,200/mt. Although struggles remained intense in the market, trading sentiment was active and trading volumes increased sharply in spot market.
As to futures market, SHFE zinc prices opened high and fluctuated around RMB 14,500/mt. In the afternoon, SHFE zinc prices climbed rapidly propelled by speculative activities, with three-month contract prices closing at RMB 14,755/mt. Both volume and positions decreased, indicating the confidence shortages of short positions. However, zinc prices still received resistance at RMB 15,000/mt and above, and are expected to fluctuate 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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