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[Zn] SMM Morning Review - 2009/8/26 Zinc Market
SHANGHAI, Aug. 26 (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. 25th
|
1,830
|
-28.5
|
37,438
|
217,231
|
433,350
|
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. 25th
|
15,040
|
15,060
|
14,675
|
1:6.8311
|
|
|
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. 25th
|
15,220
|
15,230
|
14,793
|
14,975
|
Summary
On Tuesday, Shanghai #0 zinc was traded at RMB 14,950-15,000/mt, #1 zinc was traded at RMB 14,950/mt and imported zinc supply declined in the market. Spot discounts narrowed slightly, and buyers became cautious, leaving weak trading sentiment. Guangdong #0 zinc was traded at RMB 14,850/mt, #1 zinc and imported zinc were traded at RMB 14,800/mt. SHFE zinc prices dipped at noon, weighing on spot market. At present, downstream producers reported no significant increases in orders, leading to shortages of upward momentum for zinc prices.
As to futures market, LME zinc prices fluctuated, and SHFE zinc prices opened low and went lower yesterday. SHFE zinc prices experienced plummet due to plunged stock markets, but regained some losses at closing. 0912 contracts closed at RMB 15,335/mt, down 1.16%, and positions declined sharply, indicating profit-takings of investors. SHFE zinc prices performed passively and are expected to be short of upward momentum in the near future.
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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