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[Zn] SMM Morning Review - 2009/8/20 Zinc Market
SHANGHAI, Aug. 20 (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. 19th
|
1,830
|
-27
|
75,086
|
213,556
|
433,700
|
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. 19th
|
14,300
|
14,295
|
14,390
|
1:6.8329
|
|
|
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. 19th
|
14,490
|
14,565
|
14,460
|
14,400
|
Summary
On Wednesday, Shanghai #0 zinc was traded at RMB 14,400/mt, #1 zinc and imported zinc were traded at RMB 14,350/mt. Spot market was quiet and falling SHFE zinc prices weighed on spot market. Guangdong #0 zinc was traded at RMB 14,250-14,300/mt, and #1 zinc was traded at RMB 14,200-14,250/mt. Almost no deals were made since SHFE zinc prices moved downward at noon, and overall transactions were weak.
As to futures market, SHFE zinc prices fluctuated narrowly after opening, and moved downward at noon with plunged stock markets, and closed at RMB 14,490/mt finally. Positions slumped and price declines depressed market sentiment significantly, leaving downward room for zinc prices in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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